SEMI-ANNUAL REPORT

October 31, 2021 (unaudited)

 

VANECK®  
 
CEF Muni Income ETF XMPT®
High Yield Muni ETF HYD®
HIP Sustainable Muni ETF SMI
Intermediate Muni ETF ITM®
Long Muni ETF MLN®
Muni Allocation ETF MAAX
Short High Yield Muni ETF SHYD®
Short Muni ETF SMB®
     
  800.826.2333 vaneck.com
 
   
   
  President’s Letter 1
  Explanation of Expenses 3
  Schedule of Investments  
  CEF Muni Income ETF 5
  High Yield Muni ETF 7
  HIP Sustainable Muni ETF 53
  Intermediate Muni ETF 55
  Long Muni ETF 101
  Muni Allocation ETF 117
  Short High Yield Muni ETF 118
  Short Muni ETF 138
  Statements of Assets and Liabilities 155
  Statements of Operations 157
  Statements of Changes in Net Assets 159
  Financial Highlights  
  CEF Muni Income ETF 163
  High Yield Muni ETF 164
  HIP Sustainable Muni ETF 165
  Intermediate Muni ETF 166
  Long Muni ETF 167
  Muni Allocation ETF 168
  Short High Yield Muni ETF 169
  Short Muni ETF 170
  Notes to Financial Statements 171
  Approval of Investment Management Agreements 177

 

 

Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of October 31, 2021.

 

VANECK ETFs

PRESIDENT’S LETTER

October 31, 2021
(unaudited)

Dear Fellow Shareholders:

 

This letter addresses two topics: first, the risks to the markets today and, second, two multi-year themes.

 

The Economy

 

When we think about financial markets, since the future remains unknown, we seek to identify potential scenarios. At the beginning of this year, the global economy was like a car hurtling forward at 200 miles per hour. Over the summer, we expected an orderly slowdown, asking only “What are the risks to Goldilocks?”1 We thought the car could slow to 70 miles per hour without putting too much pressure on interest rates, driven by inflation, which would upset the financial markets.

 

In the U.S., will the U.S. Federal Reserve (Fed) hit the brakes too hard? I don’t think so. First, while the financial markets are still debating whether we have an inflation problem, I don’t think we will know whether we have permanent inflation until late next year. It is true that we are talking about supply chain issues and labor market issues longer than the transitory camp would like. But while commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, since it tends to be longer-lasting and may affect long-term interest rates.

 

Second, if inflation doesn’t push rates higher, I don’t think the Fed will hit the brakes too hard by raising rates.

Bank of America recently released a research note2 that said over half of the S&P 500® Index’s returns in the past decade can be attributed to the Fed’s balance sheet expansion, rather than earnings. We live in an era in which the Fed has an eye on the financial markets. Why would that change?

 

What about China? Will real estate or other factors like COVID-19 cause a recession? While China growth is becoming soggy, we think policy makers have all the tools, including liquidity moves, to avoid a crash.

 

Multi-Year Investment Themes

 

So what to do in your portfolio? We are focusing on two multi-year investment themes.

 

Another surprise that has affected commodity prices is that, as the economy grows and demand for commodities grows, increasing supply has become harder. This is in part due to environmental, social and governance (ESG) policies in place, causing “greenflation” and a multi-year trend of price pressure. Finding supply sources like new copper, lithium or gold mines is harder because of, to a certain extent, the environmental impact of these activities. I think this supply issue will continue to underpin commodity prices, and is why I believe that commodity equities are an interesting investment that people should have in their portfolios.

 

The first theme is the energy transition away from fossil fuels. We see this not only as being driven by government policy, but also by innovation in the private sector. In our resources portfolios, we’re looking for disruptive companies in the sectors that need to be more energy efficient. One is agriculture (which emits about as much CO2 as the energy sector). AgTech businesses are embracing technology to modernize agriculture, leading to higher crop yields, safer crop chemicals and other innovations in food production to provide healthy diets for the world’s growing population.

 

The second theme is the use of blockchain in a large variety of industries, but especially finance and entertainment. New open-source database technology is enabling incredibly rapid adoption and at much lower cost than traditional companies using prior generation technology. The fintech revolution that goes hand in hand with crypto is something we find really exciting. There are some over-valued companies, but we think it’s another interesting multi-year trend that investors should consider.

 

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the six month period ended October 31, 2021. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

1

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

 

 

 

Jan F. van Eck
CEO and President
VanEck ETF Trust.

 

November 4, 2021

 

PS The investing outlook can change suddenly, as it certainly did in 2020. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

 

1A Goldilocks economy is an economy that is not so hot that it causes inflation and not so cold that it causes a recession.

 

2Source: Bloomberg, https://www.bloomberg.com/news/articles/2021-09-08/bofa-s-subramanian-dumps-dire-stock-call-to-catch-up-with-rally

2

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

 

Hypothetical $1,000 investment at beginning of period

As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

 

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2021, to October 31, 2021.

 

Actual Expenses

The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”

 

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

    Beginning
Account
Value
May 1, 2021
  Ending
Account
Value
October 31, 2021
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
May 1, 2021 -
October 31, 2021*
CEF Muni Income ETF                
Actual   $1,000.00   $1,016.90   0.40%   $2.03
Hypothetical**   $1,000.00   $1,023.19   0.40%   $2.04
High Yield Muni ETF                
Actual   $1,000.00   $1,009.60   0.35%   $1.77
Hypothetical**   $1,000.00   $1,023.44   0.35%   $1.79
HIP Sustainable Muni ETF                
Actual ***   $1,000.00   $992.90   0.24%   $0.35
Hypothetical**   $1,000.00   $1,024.00   0.24%   $1.22
Intermediate Muni  ETF                
Actual   $1,000.00   $996.60   0.24%   $1.21
Hypothetical**   $1,000.00   $1,024.00   0.24%   $1.22
Long Muni  ETF                
Actual   $1,000.00   $1,000.70   0.24%   $1.21
Hypothetical**   $1,000.00   $1,024.00   0.24%   $1.22
Muni Allocation ETF                
Actual   $1,000.00   $1,001.20   0.08%   $0.40
Hypothetical**   $1,000.00   $1,024.80   0.08%   $0.41
Short High Yield Muni ETF                
Actual   $1,000.00   $1,008.40   0.35%   $1.77
Hypothetical**   $1,000.00   $1,023.44   0.35%   $1.79
3

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

 

    Beginning
Account
Value
May 1, 2021
  Ending
Account
Value
October 31, 2021
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
May 1, 2021 -
October 31, 2021*
Short Muni  ETF                
Actual   $1,000.00   $998.20   0.20%   $1.01
Hypothetical**   $1,000.00   $1,024.20   0.20%   $1.02
   
* Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2021), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
** Assumes annual return of 5% before expenses
*** Expenses are equal to the Fund’s annualized expense ratio (for the period from September 9, 2021 (commencement of operations) to October 31, 2021) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year.
4

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2021 (unaudited)

 

    Number
of Shares
    Value  
CLOSED-END FUNDS: 99.9% (a)                
Alliance Bernstein National Municipal Income Fund, Inc.     149,242     $ 2,187,888  
Blackrock Investment Quality Municipal Trust, Inc.     46,616       798,532  
BlackRock Long-Term Municipal Advantage Trust     48,340       645,822  
BlackRock MuniAssets Fund, Inc.     107,107       1,617,316  
BlackRock Municipal 2030 Target Term Trust     372,778       9,561,756  
BlackRock Municipal Income Fund, Inc.     195,320       2,970,817  
BlackRock Municipal Income Quality Trust     122,423       1,860,830  
BlackRock Municipal Income Trust     162,916       2,399,753  
BlackRock Municipal Income Trust II     178,470       2,673,481  
BlackRock MuniHoldings Fund, Inc.     279,972       4,560,744  
BlackRock MuniHoldings Investment Quality Fund     198,936       2,870,646  
BlackRock MuniHoldings Quality Fund II, Inc.     103,200       1,424,160  
BlackRock MuniVest Fund II, Inc.     80,644       1,191,918  
BlackRock MuniVest Fund, Inc.     336,063       3,138,828  
BlackRock MuniYield Fund, Inc.     217,281       3,122,328  
BlackRock MuniYield Quality Fund II, Inc.     103,260       1,460,096  
BlackRock MuniYield Quality Fund III, Inc.     358,874       5,178,552  
BlackRock MuniYield Quality Fund, Inc.     338,390       5,454,847  
BNY Mellon Municipal Bond Infrastructure Fund, Inc.     66,064       1,051,739  
BNY Mellon Municipal Income, Inc.     92,800       829,632  
BNY Mellon Strategic Municipal Bond Fund, Inc.     252,600       2,025,852  
BNY Mellon Strategic Municipals, Inc.     233,538       1,989,744  
DWS Municipal Income Trust     209,464       2,440,256  
Eaton Vance Municipal Bond Fund     373,589       4,972,470  
Eaton Vance Municipal Income 2028 Term Trust     35,696       786,740  
Eaton Vance Municipal Income Trust     186,477       2,528,628  
    Number
of Shares
    Value  
Eaton Vance National Municipal Opportunities Trust     57,600     $ 1,288,068  
Invesco Advantage Municipal Income Trust II     199,681       2,402,162  
Invesco Municipal Income Opportunities Trust     176,440       1,404,462  
Invesco Municipal Opportunity Trust     308,700       4,176,711  
Invesco Municipal Trust     254,789       3,335,188  
Invesco Quality Municipal Income Trust     272,712       3,547,983  
Invesco Trust for Investment Grade Municipals     251,750       3,411,212  
Invesco Value Municipal Income Trust     216,354       3,504,935  
MainStay MacKay DefinedTerm Municipal Opportunities Fund     87,631       1,862,159  
MFS High Income Municipal Trust     163,247       829,295  
MFS Municipal Income Trust     218,314       1,506,367  
Neuberger Berman Municipal Fund, Inc.     59,034       898,497  
Nuveen AMT-Free Municipal Credit Income Fund     924,725       15,988,495  
Nuveen AMT-Free Municipal Value Fund     93,657       1,569,691  
Nuveen AMT-Free Quality Municipal Income Fund     1,054,981       16,014,612  
Nuveen Dynamic Municipal Opportunities Fund     191,740       2,998,814  
Nuveen Enhanced Municipal Value Fund     81,346       1,262,490  
Nuveen Intermediate Duration Municipal Term Fund     218,399       3,247,593  
Nuveen Intermediate Duration Quality Municipal Term Fund     61,463       906,579  
Nuveen Municipal Credit Income Fund     662,888       11,090,116  
Nuveen Municipal Credit Opportunities Fund     251,413       3,781,251  
Nuveen Municipal High Income Opportunity Fund     354,401       5,213,239  
Nuveen Municipal Value Fund, Inc.     576,185       6,459,034  
Nuveen Quality Municipal Income Fund     1,024,295       16,009,731  
Nuveen Select Tax-Free Income Portfolio     53,870       909,326  


 

See Notes to Financial Statements

5

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Number
of Shares
    Value  
Nuveen Select Tax-Free Income2 Portfolio     67,968     $ 1,061,660  
PIMCO Municipal Income Fund     68,065       951,549  
PIMCO Municipal Income Fund II     156,435       2,168,189  
PIMCO Municipal Income Fund III     90,258       1,069,557  
Pioneer Municipal High Income Advantage  Fund, Inc.     113,965       1,316,296  
Pioneer Municipal High Income Fund Trust     122,586       1,491,872  
Pioneer Municipal High Income Opportunities  Fund, Inc.     79,524       1,521,294  
Putnam Managed Municipal Income Trust     181,511       1,497,466  
Putnam Municipal Opportunities Trust     127,823       1,720,497  
Western Asset Managed Municipals Fund, Inc.     243,052       3,164,537  
Total Closed-End Funds  
(Cost: $199,244,298)
            199,324,302  
Other assets less liabilities: 0.1%             257,080  
NET ASSETS: 100.0%           $ 199,581,382  


 

Footnotes:

 

(a) Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https:// www.sec.gov.
   
Summary of Investments by Sector   % of
Investments
  Value  
Financials     100.0 %      $ 199,324,302  

 

The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Closed-End Funds *   $ 199,324,302     $     $     $ 199,324,302  

 

See Notes to Financial Statements

6

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2021 (unaudited)

 

    Par  
(000’s
)   Value  
MUNICIPAL BONDS: 98.4%                
Alabama: 1.8%                

Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB)

6.45%, 11/29/21 (c)

  $ 615     $ 615,778  
Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB)                
5.25%, 06/01/25     410       424,766  
5.75%, 06/01/26 (c)     1,400       1,480,552  
5.75%, 06/01/26 (c)     2,000       2,083,046  
6.00%, 06/01/26 (c)     5,900       6,185,295  

Hoover Industrial Development Board, United States Steel Corp. Project (RB)

6.38%, 11/01/30 (p)

    1,500       1,891,936  

Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG)

5.75%, 10/01/29 (c)

    4,025       4,761,081  
Jefferson County, Sewer Revenue, Series D (RB)                
6.00%, 10/01/23 (c)     10,000       11,428,344  
6.50%, 10/01/23 (c)     9,000       10,365,700  
Jefferson County, Sewer Revenue, Series E (RB)                
0.00%, 10/01/23 (c) ^     100       47,266  
0.00%, 10/01/23 (c) ^     60       24,046  
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB)                
4.50%, 05/01/29 (c)     11,148       11,930,682  
5.25%, 05/01/29 (c)     10,000       11,515,098  
              62,753,590  
Alaska: 0.0%                

Northern Tobacco Securitization Corp., Series A (RB)

4.00%, 06/01/31 (c)

    1,000       1,110,864  

Northern Tobacco Securitization Corp., Series B-2 (RB)

0.00%, 06/01/31 (c) ^

    3,000       488,088  
              1,598,952  
American Samoa: 0.2%                
American Samoa Economic Development Authority, Series A (RB)                
5.00%, 09/01/31 (c)     2,750       3,364,884  
6.50%, 09/01/28     250       304,948  
6.62%, 09/01/25 (c)     1,000       1,162,651  
7.12%, 09/01/28 (c)     500       646,938  
              5,479,421  
    Par  
(000’s
)   Value  
Arizona: 2.3%                

Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB)

5.00%, 01/01/27 (c)

  $ 200     $ 229,187  
Arizona Industrial Development Authority, American Charter School Foundation Project (RB)                
6.00%, 07/01/27 (c)     1,320       1,591,942  
6.00%, 07/01/27 (c)     2,940       3,488,713  
Arizona Industrial Development Authority, Basis School Project, Series A (RB)                
5.12%, 07/01/26 (c)     250       285,575  
5.25%, 07/01/26 (c)     500       567,944  
Arizona Industrial Development Authority, Basis School Project, Series D (RB)                
5.00%, 07/01/27 (c)     270       308,961  
5.00%, 07/01/27 (c)     515       587,835  

Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM)

5.00%, 07/01/27 (c)

    500       572,150  

Arizona Industrial Development Authority, Doral Academy - Fire Mesa and Red Rock Campus, Series A (RB)

5.00%, 07/15/27 (c)

    300       335,055  

Arizona Industrial Development Authority, Doral Academy - Fire Mesa and Red Rock Campus, Series A (RB) (ST)

5.00%, 07/15/27 (c)

    400       452,600  
Arizona Industrial Development Authority, Education Facility, Series A (RB)                
5.25%, 07/01/23 (c)     1,050       1,135,400  
5.50%, 07/01/23 (c)     2,100       2,265,881  

Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project, Series A (RB)

5.00%, 07/01/29 (c)

    1,075       1,099,632  

Arizona Industrial Development Authority, Kazen Education Project (RB)

5.70%, 07/01/26 (c)

    1,000       1,141,903  
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM)                
6.25%, 07/01/24     1,000       1,072,471  
6.62%, 07/01/27     1,000       1,137,765  
7.75%, 07/01/27 (c)     7,000       8,285,012  

Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM)

6.75%, 07/01/27 (c)

    4,000       4,571,090  


 

See Notes to Financial Statements

7

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)   Value  
Arizona (continued)                

Arizona Industrial Development Authority, Leman Academy of Excellence - East Tucson and Central Tucson Projects, Series A (RB)

4.00%, 07/01/24 (c)

  $ 500     $ 521,240  

Arizona Industrial Development Authority, Pinecrest Academy of Nevada-Cadence Campus Project, Series A (RB)

4.00%, 07/15/28 (c)

    445       476,290  

Arizona Industrial Development Authority, Point 320 LLC, Series A (RB)

3.62%, 05/20/33

    2       2,195  

Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Series A (RB)

4.00%, 12/15/29 (c)

    1,000       1,067,843  

Glendale Industrial Development Authority, Beatitudes Campus Project (RB)

4.00%, 11/15/24 (c)

    250       264,583  
Glendale Industrial Development Authority, Glencroft Retirement Community Project (RB)                
5.00%, 11/15/26 (c)     600       583,308  
5.25%, 11/15/26 (c)     700       668,115  
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB)                
4.00%, 07/01/25     400       423,878  
5.00%, 07/01/25 (c)     1,000       1,099,498  
5.00%, 07/01/25 (c)     900       997,598  
5.00%, 07/01/25 (c)     500       549,935  

Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB)

5.00%, 07/01/28 (c)

    750       877,457  

Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB)

5.00%, 07/01/25 (c)

    675       720,275  

Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB)

5.00%, 07/01/26 (c)

    750       832,383  

Industrial Development Authority of the City of Phoenix, Oro Valley Project, Series A (RB)

5.25%, 07/01/22 (c)

    1,000       1,021,241  
    Par  
(000’s
)   Value  
Arizona (continued)                

Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB)

6.00%, 07/01/28 (c)

  $ 1,000     $ 1,178,613  
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG)                
5.00%, 07/01/29 (c)     1,300       1,553,307  
5.00%, 07/01/29 (c)     1,400       1,668,305  
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)                
5.00%, 07/01/29 (c)     500       582,502  
5.00%, 07/01/29 (c)     500       569,462  
5.00%, 07/01/29 (c)     500       571,304  

Maricopa County Industrial Development Authority, Paradise School Project (RB)

5.00%, 07/01/26 (c)

    1,750       1,925,186  

Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB)

5.00%, 11/15/24

    330       335,300  
Pima County Industrial Development Authority, American Leadership Academy Project (RB)                
4.12%, 06/15/22 (c)     1,250       1,259,838  
4.75%, 06/15/22 (c)     2,000       2,018,796  
5.00%, 06/15/22 (c)     2,000       2,019,006  
5.62%, 06/15/25 (c)     1,250       1,345,682  

Pima County Industrial Development Authority, American Leadership Academy Project (RB) (SD CRED PROG)

5.00%, 06/15/25 (c)

    500       524,487  
Pima County Industrial Development Authority, Edkey Charter Schools Project (RB)                
5.25%, 07/01/26 (c)     250       272,064  
5.38%, 07/01/26 (c)     250       269,920  
5.50%, 07/01/26 (c)     250       269,249  

Pinal County Industrial Development Authority, WOF SW GGP 1 LLC Project, Series B (RB) (ST)

5.50%, 10/01/28 (c)

    6,703       6,867,802  
Salt Verde Financial Corp. (RB)                
5.00%, 12/01/37     8,495       11,660,126  
5.25%, 12/01/23     290       317,125  
5.25%, 12/01/24     305       345,876  
5.25%, 12/01/25     265       309,413  


 

See Notes to Financial Statements

8

 

 

    Par  
(000’s
)   Value  
Arizona (continued)                
5.25%, 12/01/27   $ 215     $ 263,427  
5.25%, 12/01/28     245       306,489  

Tempe Industrial Development Authority, Friendship Village of Tempe (RB)

5.00%, 12/01/26 (c)

    355       393,976  

Tempe Industrial Development Authority, Friendship Village of Tempe (RB) (AGM)

5.00%, 12/01/26 (c)

    250       277,950  
Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB)                
6.12%, 10/01/27 (c)     600       653,678  
6.12%, 10/01/27 (c)     3,900       4,259,428  
              81,253,266  
Arkansas: 0.4%                

Arkansas Development Finance Authority Healthcare Facilities, Carti Surgery Center Project, Series B (RB)

4.00%, 07/01/28 (c)

    1,000       1,054,280  
Arkansas Development Finance Authority, Academics Plus Charter Schools Project (RB)                
4.00%, 12/01/27 (c)     635       652,151  
4.00%, 12/01/27 (c)     815       831,732  

Arkansas Development Finance Authority, Big River Steel Project (RB)

4.50%, 09/01/26 (c)

    11,095       12,089,665  

Arkansas Development Finance Authority, Charter School Project, Series A (RB)

3.62%, 12/01/28 (c)

    1,000       959,399  
              15,587,227  
California: 14.2%                
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB)                
5.00%, 10/01/26 (c)     2,055       2,402,538  
5.00%, 10/01/26 (c)     3,000       3,514,278  
5.00%, 10/01/26 (c)     5,000       5,833,724  
5.00%, 10/01/26 (c)     1,650       1,932,017  
Anaheim Community Facilities District No. 08-1 (ST)                
4.00%, 09/01/23 (c)     420       444,848  
4.00%, 09/01/23 (c)     160       170,156  
4.00%, 09/01/23 (c)     615       653,038  
Antelope Valley Healthcare District, Series A (RB)                
5.00%, 03/01/26 (c)     300       327,193  
5.25%, 03/01/26 (c)     1,480       1,652,844  

California Community College Financing Authority, Orange Coast College Project (RB)

5.25%, 05/01/28 (c)

    695       798,626  
    Par  
(000’s
)   Value  
California (continued)                

California Community Housing Agency, Essential Housing, Arbors, Series A (RB)

5.00%, 08/01/30 (c)

  $ 3,100     $ 3,462,472  

California Community Housing Agency, Essential Housing, Creekwood, Series A (RB)

4.00%, 08/01/31 (c)

    11,735       12,225,396  

California Community Housing Agency, Essential Housing, Glendale Properties, Series A-1 (RB)

4.00%, 08/01/31 (c)

    6,000       6,347,398  
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB)                
3.00%, 08/01/31 (c)     2,500       2,333,208  
4.00%, 08/01/31 (c)     4,250       4,441,917  

California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) (AGM)

4.00%, 08/01/32 (c)

    3,000       3,092,466  

California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB)

5.00%, 02/01/30 (c)

    16,650       18,424,351  

California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-2 (RB)

4.00%, 08/01/32 (c)

    2,000       2,088,846  

California Community Housing Agency, Essential Housing, Verdant at Green Valley, Series A (RB)

5.00%, 08/01/29 (c)

    5,250       5,802,568  

California Community Housing Agency, Series A-1 (RB)

4.00%, 08/01/31 (c)

    4,500       4,752,856  

California Community Housing Agency, Stoneridge Apartments, Series A (RB)

4.00%, 02/01/31 (c)

    6,000       6,283,348  

California Community Housing Agency, Workforce Housing, Series A (RB)

5.00%, 04/01/29 (c)

    6,250       6,840,272  

California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB)

5.88%, 11/29/21 (c)

    25       25,037  

California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB)

5.00%, 11/15/21 (c)

    15       15,006  


 

See Notes to Financial Statements

9

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)   Value  
California (continued)                
California County Tobacco Securitization Agency, Series A (RB)                
4.00%, 06/01/30 (c)   $ 4,740     $ 5,437,567  
5.00%, 11/15/21 (c)     4,115       4,116,644  
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB)                
4.00%, 08/15/27 (c)     250       276,744  
4.20%, 08/15/27 (c)     500       563,122  
4.25%, 11/15/22 (c)     80       82,343  
5.00%, 08/15/27 (c)     460       546,655  
5.00%, 08/15/27 (c)     990       1,170,108  
California Health Facilities Financing Authority, Commonspirit Health, Series A (RB)                
3.00%, 04/01/30 (c)     1,000       1,051,482  
4.00%, 04/01/30 (c)     1,715       1,994,274  
California Housing Finance Agency, Series A (RB)                
3.50%, 11/20/35     992       1,143,870  
4.00%, 03/20/33     972       1,138,495  
California Infrastructure & Economic Development Bank, Wonderful Foundations Charter School Portfolio Project, Series A-1 (RB)                
5.00%, 01/01/31 (c)     5,000       5,533,815  
5.00%, 07/01/30 (c)     1,000       1,102,578  
California Municipal Finance Authority, California Baptist University, Series A (RB)                
5.50%, 11/01/25 (c)     500       568,351  
6.12%, 11/01/23 (c)     1,000       1,096,280  

California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB)

5.00%, 11/15/28 (c)

    500       607,134  

California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) (BAM)

4.00%, 11/15/28 (c)

    150       169,625  

California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM)

4.00%, 05/15/31 (c)

    3,000       3,441,697  

California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project, Series A (RB) (BAM)

4.00%, 05/15/31 (c)

    1,500       1,740,845  
    Par  
(000’s
)   Value  
California (continued)                
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)                
5.00%, 07/01/27 (c)   $ 250     $ 299,692  
5.00%, 07/01/27 (c)     200       240,086  

California Municipal Finance Authority, Holy Names University (RB)

7.00%, 10/01/29 (c)

    2,500       2,641,449  
California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB)                
5.00%, 10/01/27 (c)     500       543,914  
5.00%, 10/01/27 (c)     500       536,423  
5.00%, 10/01/27 (c)     500       534,226  

California Municipal Finance Authority, Julian Charter School Project, Series A (RB)

5.62%, 03/01/25 (c)

    2,390       2,439,531  
California Municipal Finance Authority, LINXS APM Project, Series A (RB)                
5.00%, 06/30/28 (c)     500       606,386  
5.00%, 06/30/28 (c)     600       731,744  
5.00%, 06/30/28 (c)     2,490       2,973,679  
5.00%, 06/30/28     65       79,961  
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM)                
3.00%, 06/30/28 (c)     1,950       2,110,687  
5.00%, 06/30/28 (c)     2,040       2,438,605  
5.00%, 06/30/28 (c)     700       837,780  
5.00%, 06/30/28 (c)     1,000       1,193,773  
5.00%, 06/30/28 (c)     3,405       4,032,533  
5.00%, 06/30/28 (c)     1,035       1,251,153  

California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB)

5.25%, 11/01/26 (c)

    230       264,226  
California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB)                
5.00%, 07/01/26 (c)     500       559,365  
5.00%, 07/01/28 (c)     1,000       1,148,580  
5.00%, 07/01/28 (c)     130       151,131  

California Municipal Finance Authority, Rocketship Education, Series A (RB)

7.00%, 06/01/22 (c)

    930       976,530  

California Municipal Finance Authority, Santa Rosa Academy Project, Series A (RB)

6.00%, 07/01/22 (c)

    1,500       1,540,538  


 

See Notes to Financial Statements

10

 

 

    Par  
(000’s
)   Value  
California (continued)                

California Municipal Finance Authority, UCR Dundee-Glasgow Student Housing Project (RB) (BAM)

4.00%, 11/15/28 (c)

  $ 250     $ 283,587  

California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB)

4.00%, 07/15/29

    10,500       11,836,503  
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB)                
7.00%, 07/01/22 (d) *     1,000       600,000  
7.50%, 12/01/29 (c) (d) *     7,000       350,000  
7.50%, 07/01/22 (c) (d) *     10,500       6,300,000  
8.00%, 07/01/27 (c) (d) *     6,635       3,981,000  

California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW)

7.50%, 07/01/32

    1,000       850,000  

California Pollution Control Financing Authority, Solid Waste Disposal, Rialto Bioenergy Facility LLC Project (RB)

7.50%, 12/01/24 (c)

    2,350       1,930,338  
California Public Finance Authority, Enso Village Project, Series A (RB)                
5.00%, 11/15/29 (c)     1,000       1,136,028  
5.00%, 11/15/29 (c)     500       565,353  
California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB)                
5.00%, 07/01/27     210       188,166  
5.00%, 07/01/27 (c)     300       266,484  
5.00%, 07/01/27 (c)     1,000       884,322  
5.00%, 07/01/27 (c)     485       432,296  

California School Finance Authority, Bright Star Schools (RB)

5.00%, 06/01/27 (c)

    400       444,508  
California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB)                
4.00%, 11/01/31 (c)     1,000       1,075,791  
4.00%, 11/01/31 (c)     2,700       2,887,856  
California School Finance Authority, River Springs Charter School Project, Series A (RB)                
5.00%, 07/01/27 (c)     1,000       1,099,051  
6.38%, 07/01/25 (c)     2,000       2,252,443  
California School Finance Authority, Rocketship Education, Series A (RB)                
    Par  
(000’s
)   Value  
California (continued)                
5.12%, 06/01/26 (c)   $ 250     $ 273,806  
5.25%, 06/01/26 (c)     250       274,574  
California Statewide Communities Development Authority, Baptist University, Series A (RB)                
3.50%, 11/01/27     2,500       2,741,164  
5.00%, 11/01/27 (c)     1,000       1,163,225  
6.38%, 11/01/23 (c)     1,000       1,092,870  

California Statewide Communities Development Authority, College Housing (RB)

5.25%, 07/01/29 (c)

    250       268,390  
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)                
5.50%, 11/29/21 (c)     357       343,036  
5.75%, 11/29/21 (c)     68       65,632  

California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB)

5.75%, 11/29/21 (c)

    10       9,626  

California Statewide Communities Development Authority, Infrastructure Program, Series B (SA)

5.00%, 09/02/28 (c)

    920       1,078,282  

California Statewide Communities Development Authority, Irvine East Campus Apartments (RB)

5.00%, 05/15/26 (c)

    385       454,441  

California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB)

5.00%, 05/15/26 (c)

    545       635,638  
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB)                
5.00%, 06/01/29 (c)     435       517,601  
5.00%, 06/01/29 (c)     500       584,694  

California Statewide Communities Development Authority, Lancer Plaza Project (RB)

5.62%, 11/01/23 (c)

    75       81,049  
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)                


 

See Notes to Financial Statements

11

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)   Value  
California (continued)                
5.00%, 06/01/26 (c)   $ 350     $ 413,383  
5.00%, 06/01/26 (c)     1,100       1,290,810  
5.00%, 06/01/26 (c)     2,090       2,384,699  
5.00%, 06/01/26 (c)     1,595       1,830,990  
5.25%, 12/01/24 (c)     1,740       1,962,962  
5.25%, 06/01/26 (c)     8,380       9,589,252  
5.25%, 06/01/28 (c)     1,000       1,202,350  
5.50%, 12/01/24 (c)     9,705       10,978,464  
5.50%, 06/01/28 (c)     6,500       7,890,812  
California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB)                
5.00%, 06/01/26 (c)     3,230       3,677,297  
5.75%, 01/15/23 (c)     125       129,839  

California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments, Phase IV-A (RB)

5.00%, 05/15/27 (c)

    3,170       3,718,635  

California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB)

6.00%, 11/29/21 (c)

    3,175       3,203,704  
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series C (RB)                
0.00%, 11/15/21 (c) ^     23,000       2,131,778  
6.00%, 11/29/21 (c)     900       908,137  

California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series D (RB)

0.01%, 11/29/21 (c)

    24,250       1,642,794  

CCSCDA Community Improvement Authority, City of Orange Portfolio, Series A-2 (RB)

3.00%, 03/01/32 (c)

    2,000       1,853,601  

City of Fontana, Community Facilities District No. 90 (ST)

4.00%, 09/01/28 (c)

    500       562,793  

City of Fremont, Community Facilities District No. 1 (ST)

5.00%, 09/01/25 (c)

    250       278,233  
City of Irvine, Community Facilities District No. 2013-3 (ST)                
4.00%, 09/01/23 (c)     250       271,131  
4.00%, 09/01/23 (c)     1,000       1,079,875  
4.00%, 09/01/23 (c)     250       270,999  
4.00%, 09/01/23 (c)     230       249,608  

City of Irvine, Reassessment District No. 15-2 (SA)

5.00%, 09/02/25 (c)

    750       846,632  
    Par  
(000’s
)   Value  
California (continued)                

City of Oroville Hospital (RB)

5.25%, 04/01/29 (c)

  $ 6,000     $ 6,593,693  

City of Rancho Cordova, Sunridge Anatolia community Facilities District No. 2003-1 (ST)

4.00%, 09/01/26 (c)

    180       195,715  

City of Rocklin, Community Facilities District No. 10 (ST)

5.00%, 09/01/25 (c)

    840       936,725  
City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST)                
3.75%, 09/01/27 (c)     500       543,779  
5.00%, 09/01/27 (c)     155       182,650  
5.00%, 09/01/27 (c)     135       158,743  

City of Roseville, Westpark Community Facility District No. 1 (ST)

5.00%, 09/01/25 (c)

    200       224,056  

City of San Clemente, Facilities District No. 2006-1 (ST)

5.00%, 09/01/25 (c)

    1,045       1,168,762  

CMFA Special Finance Agency I (RB)

4.00%, 04/01/31 (c)

    6,000       6,214,316  

CMFA Special Finance Agency VII (RB)

4.00%, 08/01/31 (c)

    2,900       3,006,609  
CMFA Special Finance Agency VIII (RB)                
3.00%, 08/01/31 (c)     5,000       4,622,734  
4.00%, 08/01/31 (c)     1,500       1,553,890  
Compton Public Finance Authority (RB)                
4.00%, 09/01/24 (c)     1,000       1,060,428  
4.50%, 09/01/24 (c)     1,585       1,684,467  

CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-1 (RB)

3.50%, 10/01/31 (c)

    1,000       998,327  

CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-2 (RB)

4.00%, 10/01/31 (c)

    8,000       8,247,774  

CSCDA Community Improvement Authority, City Anaheim, Series A (RB)

5.00%, 01/01/31 (c)

    11,800       13,285,238  

CSCDA Community Improvement Authority, City of Orange Portfolio, Series A-2 (RB)

3.00%, 12/01/31 (c)

    6,100       5,673,209  


 

See Notes to Financial Statements

12

 

 

    Par  
(000’s
)   Value  
California (continued)                

CSCDA Community Improvement Authority, Jefferson-Anaheim, Series A-1 (RB)

2.88%, 08/01/31 (c)

  $ 995     $ 963,527  

CSCDA Community Improvement Authority, Jefferson-Anaheim, Series A-2 (RB)

3.12%, 08/01/31 (c)

    7,000       6,457,823  

CSCDA Community Improvement Authority, Link- Glendale, Series A-2 (RB)

4.00%, 07/01/31 (c)

    7,100       7,329,647  

CSCDA Community Improvement Authority, Moda at Monrovia Station, Series A-2 (RB)

4.00%, 10/01/31 (c)

    7,075       7,344,945  

CSCDA Community Improvement Authority, Oceanaire-Long Beach, Series A-2 (RB)

4.00%, 09/01/31 (c)

    2,000       2,097,784  

CSCDA Community Improvement Authority, Parallel-Anaheim, Series A (RB)

4.00%, 08/01/31 (c)

    3,450       3,598,092  

CSCDA Community Improvement Authority, Pasadena Portfolio, Series A-1 (RB)

2.65%, 12/01/31 (c)

    2,000       1,870,481  

CSCDA Community Improvement Authority, Pasadena Portfolio, Series B (RB)

4.00%, 12/01/31 (c)

    1,000       1,034,398  

CSCDA Community Improvement Authority, Union South Bay, Series A-1 (RB)

3.10%, 07/01/31 (c)

    3,000       2,840,353  

CSCDA Community Improvement Authority, Union South Bay, Series A-2 (RB)

4.00%, 07/01/31 (c)

    10,250       10,607,165  
Dublin Community Facilities District No 2015-1 (ST)                
5.00%, 09/01/26 (c)     500       576,486  
5.00%, 09/01/26 (c)     500       580,574  
5.00%, 09/01/26 (c)     500       574,040  
5.00%, 09/01/27 (c)     1,840       2,127,209  
5.00%, 09/01/27 (c)     1,150       1,347,243  

Elk Grove Finance Authority (ST)

5.00%, 09/01/26 (c)

    1,300       1,489,632  
    Par  
(000’s
)   Value  
California (continued)                
Folsom Ranch Financing Authority (ST)                
5.00%, 09/01/27 (c)   $ 2,000     $ 2,341,825  
5.00%, 09/01/27 (c)     1,100       1,299,257  
5.00%, 09/01/27 (c)     1,000       1,153,721  
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series A (RB)                
5.75%, 01/15/24 (c)     1,000       1,119,310  
6.00%, 01/15/24 (c)     2,860       3,214,884  
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB)                
3.95%, 07/15/27 (c)     100       108,926  
6.00%, 01/15/24 (c)     1,115       1,253,355  

Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-2 (RB)

3.50%, 07/15/29 (c)

    475       519,868  

Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-3 (RB)

5.50%, 01/15/23 (c) (p)

    6,525       6,755,444  

Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series C (RB)

6.50%, 01/15/24 (c)

    1,000       1,123,947  
Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB)                
3.50%, 06/01/22 (c)     1,120       1,131,977  
5.00%, 06/01/27 (c)     2,000       2,401,846  
5.00%, 06/01/27     2,585       3,129,149  
5.00%, 06/01/28 (c)     5,000       6,070,668  
5.25%, 06/01/22 (c)     3,815       3,913,295  
Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-2 (RB)                
5.00%, 06/01/22 (c)     12,750       13,056,143  
5.30%, 06/01/22 (c)     14,585       14,942,611  

Golden State Tobacco Securitization Corp., Tobacco Settlement, Series B (RB)

0.01%, 11/15/21 (c)

    37,470       8,551,092  
Hastings Campus Housing Finance Authority, Series A (RB)                
5.00%, 07/01/30 (c)     4,350       5,062,271  
5.00%, 07/01/30 (c)     3,000       3,442,335  

Independent Cities Finance Authority, Mobil Home Park, Series A (RB)

3.75%, 10/15/26 (c)

    250       256,364  

Inland Empire Tobacco Securitization Authority, Series C-2 (RB)

0.00%, 11/15/21 (c) ^

    9,410       1,722,927  


 

See Notes to Financial Statements

13

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)   Value  
California (continued)                

Inland Empire Tobacco Securitization Authority, Series D (RB)

0.00%, 11/15/21 (c) ^

  $ 51,150     $ 4,422,450  

Inland Empire Tobacco Securitization Authority, Series E (RB)

0.00%, 11/15/21 (c) ^

    25,000       1,688,818  

Inland Empire Tobacco Securitization Authority, Series F (RB)

0.01%, 11/15/21 (c)

    50,500       2,739,261  
Irvine Unified School District Community Facilities District  No. 09-1, Series D (ST)                
5.00%, 09/01/27 (c)     1,000       1,164,192  

Lake Elsinore Public Financing Authority, Local Agency (ST)

5.00%, 09/01/25 (c)

    405       452,646  

Lincoln Public Financing Authority, Twelve Bridges, Series B (SA)

6.00%, 11/29/21 (c)

    46       46,189  
MSR Energy Authority, Series A (RB)                
6.12%, 11/01/29     505       622,945  
6.50%, 11/01/39     1,575       2,462,326  
Orange County Community Facilities District No. 1, Series A (ST)                
4.25%, 08/15/25 (c)     975       1,050,182  
5.25%, 08/15/25 (c)     455       510,477  
Palomar Health (RB)
5.00%, 11/01/26 (c)
    250       291,439  

Palomar Pomerado Health, Series A (GO) (NATL)

0.00%, 08/01/25 ^

    125       120,090  

Perris Union High School District Financing Authority (ST)

5.00%, 03/01/25 (c)

    1,000       1,102,957  

Poway Unified School District Public Financing Authority, Series A (ST)

5.00%, 09/01/25 (c)

    750       845,668  
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST)                
5.00%, 09/01/26 (c)     500       570,390  
5.00%, 09/01/26 (c)     500       577,330  
5.50%, 09/01/22 (c)     3,000       3,141,483  

River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) (AGM)

5.00%, 09/01/26 (c)

    500       572,982  
    Par  
(000’s
)   Value  
California (continued)                
River Islands Public Financing Authority, Phase 2 Public Improvements (ST)                
4.00%, 09/01/26 (c)   $ 1,000     $ 1,090,879  
5.00%, 09/01/26 (c)     750       861,951  

Romoland School District No. 2004-1 (ST)

5.00%, 09/01/25 (c)

    500       567,183  
Sacramento County, Community Facilities District No. 2005-2 (ST)                
5.00%, 09/01/26 (c)     495       562,636  
5.00%, 09/01/26 (c)     345       394,873  

San Jacinto Unified School District Financing Authority (ST)

5.00%, 09/01/26 (c)

    300       345,473  
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB)                
5.00%, 01/15/25 (c)     500       565,327  
5.00%, 01/15/25 (c)     2,300       2,580,603  
5.00%, 01/15/25 (c)     3,780       4,205,771  
5.00%, 01/15/25 (c)     1,750       1,950,534  
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB) (NATL)                
0.00%, 01/15/32 ^     145       118,255  
0.00%, 01/15/36 ^     105       75,944  

San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB)

5.25%, 01/15/25 (c)

    200       221,701  
Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST)                
5.00%, 03/01/26 (c)     500       563,899  
5.00%, 03/01/26 (c)     500       560,727  

Silicon Valley Tobacco Securitization Authority, Series A (RB)

0.00%, 11/29/21 (c) ^

    7,000       3,119,363  

Silicon Valley Tobacco Securitization Authority, Series C (RB)

0.01%, 11/15/21 (c)

    8,015       938,581  

South California Tobacco Securitization Authority, Series C (RB)

0.00%, 11/15/21 (c) ^

    11,050       2,046,589  

Thousand Oaks, California Community Facilities, District No. 1994-1 (ST)

5.38%, 09/01/22 (c)

    1,035       1,064,885  


 

See Notes to Financial Statements

14

 

 

    Par  
(000’s
)   Value  
California (continued)                

Tobacco Securitization Authority of Northern California (RB)

4.00%, 12/01/30 (c)

  $ 2,250     $ 2,592,615  

Tobacco Securitization Authority of Southern California, Series B (RB)

0.00%, 11/15/21 (c) ^

    10,485       2,309,860  

Tobacco Securitization Authority of Southern California, Series D (RB)

0.00%, 11/15/21 (c) ^

    16,440       2,868,852  

Transbay Joint Powers Authority, Tax Allocation, Series B (TA)

2.40%, 04/01/30 (c)

    3,920       3,900,210  
Tustin Community Facilities District, Series A (ST)                
5.00%, 09/01/25 (c)     100       111,451  
5.00%, 09/01/25 (c)     100       112,080  

Val Verde Unified School District (ST)

5.00%, 03/01/25 (c)

    750       829,539  

Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)

5.30%, 09/01/22 (c) (d) *

    530       307,400  

Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)

4.00%, 09/01/21 (d) *

    850       510,000  

William S. Hart Union High School District No. 2015-1 (ST)

5.00%, 09/01/26 (c)

    445       503,838  
              507,119,129  
Colorado: 3.4%                
Arista Metropolitan District in the City and County of Broomfield, Series A (GO)                
5.00%, 12/01/23 (c)     500       535,316  
5.12%, 12/01/23 (c)     750       800,222  

Arkansas River Power Authority, Power Supply System, Series A (RB)

5.00%, 10/01/28 (c)

    2,010       2,347,617  

Base Village Metropolitan District No. 2, Series A (GO)

5.75%, 12/01/21 (c)

    1,000       1,031,910  
Brighton Crossing Metropolitan District No. 6, Series A (GO)                
5.00%, 12/01/25 (c)     500       552,229  
5.00%, 12/01/25 (c)     500       547,134  
Broadway Station Metropolitan District No. 3, Series A (GO)                
5.00%, 06/01/24 (c)     2,500       2,675,109  
5.00%, 06/01/24 (c)     1,250       1,348,946  
    Par  
(000’s
)   Value  
Colorado (continued)                

Canyon Pines Metropolitan District, Colorado Special Improvement District No. 1, Series A (SA)

3.75%, 09/01/26 (c)

  $ 1,000     $ 940,054  
Centerra Metropolitan District No. 1 (TA)                
5.00%, 12/01/22 (c)     500       523,531  
5.00%, 12/01/22 (c)     500       525,010  
5.00%, 12/01/22 (c)     500       527,201  

City and County of Denver, United Airlines, Inc. Project (RB)

5.00%, 10/01/23 (c)

    5,195       5,484,595  

City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB)

5.50%, 01/01/28 (c)

    4,250       4,572,514  

City of Lakewood, Colorado Plaza Metropolitan District No. 1 (TA)

5.00%, 12/01/22 (c)

    1,035       1,055,945  

Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project, Thompson School District R2-J (RB)

5.00%, 07/01/26 (c)

    1,000       1,078,269  

Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB)

5.00%, 10/01/27 (c)

    500       547,283  

Colorado Health Facilities Authority, Capella of Grand Junction Project (RB)

5.00%, 12/01/26 (c)

    2,000       2,017,117  

Colorado Health Facilities Authority, Catholic Health Initiatives, Series A-1 (RB)

5.25%, 01/01/23 (c)

    1,000       1,057,543  

Colorado Health Facilities Authority, Christian Living Neighborhoods Project (RB)

5.00%, 01/01/26 (c)

    605       677,716  
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB)                
4.00%, 08/01/29 (c)     1,400       1,566,630  
4.00%, 08/01/29 (c)     1,270       1,457,409  
4.00%, 08/01/29 (c)     1,100       1,264,810  
4.00%, 08/01/29 (c)     3,120       3,572,870  
5.00%, 08/01/29     1,000       1,271,734  
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)                
3.25%, 08/01/29 (c)     2,685       2,804,647  
4.00%, 08/01/29 (c)     7,000       7,776,539  


 

See Notes to Financial Statements

15

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)   Value  
Colorado (continued)                
5.00%, 08/01/29 (c)   $ 2,420     $ 2,907,273  

Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB)

5.30%, 11/29/21 (c)

    1,160       1,128,639  
Colorado Health Facilities Authority, Ralston Creek at Arvada Project, Series A (RB)                
5.75%, 11/01/25 (c)     2,900       2,323,114  
6.00%, 11/01/25 (c)     3,835       3,126,827  
Colorado High Performance Transportation Enterprise (RB)                
5.00%, 12/31/24 (c)     250       280,789  
5.00%, 12/31/24 (c)     350       393,688  

Colorado International Center, Metropolitan District No. 14 (GO)

5.88%, 12/01/23 (c)

    2,500       2,684,930  
Creekwalk Marketplace Business Improvement District, Series A (RB)                
5.50%, 12/01/26 (c)     500       552,616  
5.75%, 12/01/26 (c)     500       552,465  
Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO)                
5.62%, 12/01/23 (c)     1,000       1,078,058  
5.75%, 12/01/23 (c)     1,500       1,612,076  
Dominion Water and Sanitation District (RB)                
5.25%, 12/01/21 (c)     895       915,881  
5.75%, 12/01/21 (c)     3,500       3,581,074  
6.00%, 12/01/21 (c)     452       462,453  
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)                
4.50%, 11/01/25 (c)     890       909,588  
5.25%, 11/01/25 (c)     2,345       2,450,530  
5.50%, 11/01/25 (c)     1,865       1,961,066  

Green Valley Ranch East Metropolitan District No. 6, Series A (GO)

5.88%, 09/01/25 (c)

    1,000       1,097,332  

Independence Metropolitan District No. 3, Series A (GO)

6.25%, 06/01/24 (c)

    1,000       1,072,127  

Jefferson Center Metropolitan District No. 1, Series A-2 (RB)

4.38%, 12/01/23 (c)

    1,000       1,052,572  
Lambertson Farms Metropolitan District No. 1 (GO)                
5.75%, 12/15/23 (c)     500       430,725  
6.00%, 12/15/23 (c)     500       438,157  
Loretto Heights Community Authority (RB)                
    Par  
(000’s
)   Value  
Colorado (continued)            
4.88%, 06/01/26 (c)   $ 1,000     $ 1,019,103  

North Range Metropolitan District No. 3 (GO)

5.00%, 12/01/25 (c)

    2,000       2,195,752  
Painted Prairie Public Improvement Authority (RB)                
5.00%, 12/01/24 (c)     1,500       1,619,372  
5.00%, 12/01/24 (c)     1,000       1,087,956  

Pueblo Urban Renewal Authority, Evraz Project, Series A (TA)

4.75%, 12/01/30 (c)

    4,030       4,505,303  

Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series B (RB)

4.00%, 07/15/40

    615       786,503  

Reunion Metropolitan District, Series A (RB)

3.62%, 06/01/26 (c)

    1,000       966,529  

Rocky Mountain Rail Park Metropolitan District, Series A (GO)

5.00%, 03/01/26 (c)

    7,850       8,092,296  

Southglenn Metropolitan District (GO)

5.00%, 12/01/21 (c)

    1,000       1,031,171  

Southlands Metropolitan District No. 1, Series A-1 (GO)

5.00%, 12/01/27 (c)

    500       555,486  
STC Metropolitan District No. 2, Series A (GO)                
4.00%, 12/01/24 (c)     1,000       1,078,232  
5.00%, 12/01/24 (c)     2,000       2,177,781  
Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB)                
4.25%, 12/01/25 (c)     1,000       1,102,009  
5.00%, 12/01/22 (c)     5,000       5,241,833  
5.00%, 12/01/22 (c)     1,000       1,054,250  
5.00%, 12/01/22 (c)     500       525,513  
Transport Metropolitan District No. 3 (GO)                
5.00%, 03/01/26 (c)     2,000       2,204,793  
5.00%, 03/01/26 (c)     500       556,973  
Velocity Metropolitan District No. 3 (GO)                
5.12%, 12/01/23 (c)     500       537,948  
5.38%, 12/01/23 (c)     500       538,371  
5.50%, 12/01/23 (c)     1,500       1,611,951  

Village Metropolitan District/ The (GO)

5.00%, 12/01/25 (c)

    1,250       1,396,559  
Windler Public Improvement Authority, Series A-1 (RB) (BAM)                
4.12%, 09/01/26 (c)     2,980       2,868,012  
              122,325,576  


 

See Notes to Financial Statements

16

 

 

    Par  
(000’s
)   Value  
Connecticut: 0.7%            

Bridgeport Housing Authority, Energy Performance Equipment (RB)

5.60%, 11/09/21 (c)

  $ 630     $ 630,064  

Connecticut Airport Authority, Ground Transportation Center Project, Series A (RB) (AMBAC)

4.00%, 07/01/29 (c)

    2,000       2,212,327  
Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB)                
5.00%, 09/01/26 (c)     3,000       3,290,459  
5.00%, 09/01/26 (c)     2,500       2,750,350  

Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB)

5.00%, 10/01/24 (c)

    3,000       3,274,386  

Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB)

5.00%, 01/01/26 (c)

    2,000       2,198,194  
Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series J (RB)                
4.25%, 07/01/22 (c)     935       959,524  
4.50%, 07/01/22 (c)     655       673,265  
5.00%, 07/01/22 (c)     380       391,856  
5.00%, 07/01/22 (c)     100       103,120  
5.00%, 07/01/22 (c)     470       484,663  

Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB)

4.00%, 07/01/29 (c)

    250       273,395  

Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG)

4.00%, 07/01/29 (c)

    250       272,166  

Hartford Stadium Authority, Series A (RB)

4.00%, 02/01/25 (c)

    1,040       887,168  
Mohegan Tribe of Indians of Connecticut, Gaming Authority, Series C (RB)                
5.75%, 02/01/24     250       268,532  
6.25%, 02/01/26 (c)     1,000       1,141,501  
Town of Hamden, Whitney Center Project (RB)                
5.00%, 01/01/26 (c)     2,720       2,907,671  
5.00%, 01/01/26 (c)     500       538,938  
              23,257,579  
    Par  
(000’s
)   Value  
District of Columbia: 1.1%            

District of Columbia Tobacco Settlement Financing Corp. (RB)

0.01%, 11/29/21 (c)

  $ 29,055     $ 6,385,853  
District of Columbia, Ingleside at Rock Creek Project, Series A (RB)                
5.00%, 07/01/24 (c)     1,180       1,260,002  
5.00%, 07/01/24 (c)     250       269,493  
District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB)                
5.00%, 06/01/30 (c)     500       588,382  
5.00%, 06/01/30 (c)     2,500       2,896,199  

District of Columbia, Provident Group - Howard Properties, LLC Issue (RB)

5.00%, 10/01/22 (c)

    395       407,387  

District of Columbia, Rocketship Education Public Charter School, Series A (RB)

5.00%, 06/01/29 (c)

    1,000       1,153,701  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue (RB)

5.00%, 10/01/29 (c)

    3,150       3,810,825  
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series A (RB)                
0.01%, 10/01/37     11,825       6,850,476  
5.00%, 04/01/22 (c)     1,895       1,931,311  
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB)                
0.00%, 10/01/37 ^     5,520       3,746,681  
4.00%, 10/01/29 (c)     7,315       8,225,341  
4.00%, 10/01/29 (c)     250       286,346  
6.50%, 10/01/28 (c)     245       322,660  

Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB) (SAW)

4.00%, 10/01/29 (c)

    1,675       1,860,480  
              39,995,137  
Florida: 5.7%                

Alachua County, Health Facilities Authority, Oak Hammock at the University of Florida Project, Series A (RB)

8.00%, 10/01/22 (c)

    300       322,852  

Aqua One Community Development District (SA)

5.75%, 05/01/28 (c)

    1,000       1,097,941  

Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB)

6.00%, 07/01/25 (c)

    295       312,839  


 

See Notes to Financial Statements

17

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)   Value  
Florida (continued)            

Capital Trust Agency, Education Growth Fund, Series A-1 (RB)

5.00%, 07/01/31 (c)

  $ 5,500     $ 6,200,100  

Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB)

5.00%, 07/15/26 (c)

    250       270,968  

Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG)

5.00%, 07/15/26 (c)

    500       538,077  
Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB)                
4.50%, 01/01/29 (c)     500       540,641  
5.12%, 01/01/29 (c)     500       558,788  
5.25%, 01/01/29 (c)     500       553,660  
5.38%, 01/01/29 (c)     500       555,912  
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB)                
4.38%, 06/15/27     390       410,662  
5.25%, 06/15/27 (c)     500       550,242  

Capital Trust Agency, First Mortgage, American Eagle Portfolio Project, Series B (RB)

6.00%, 07/01/25 (c)

    1,000       270,000  
Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB)                
4.00%, 12/01/28     2,200       2,382,179  
5.25%, 12/01/28 (c)     4,500       5,159,995  
5.25%, 12/01/28 (c)     3,700       4,192,098  
Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB)                
5.00%, 01/01/31 (c)     1,850       2,032,367  
5.00%, 07/01/30 (c)     2,250       2,463,271  

City of Jacksonville, Educational Facilities, Series B (RB)

5.00%, 06/01/28 (c)

    750       855,776  

City of Orlando FL Tourist Development Tax Revenue (RB) (AGM)

5.00%, 11/01/27 (c)

    500       598,772  

City of Orlando, Florida Senior Tourist Development, Series A (RB) (AGM)

5.00%, 11/01/27

    500       619,878  
City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB)                
4.00%, 06/01/25 (c)     230       248,601  
5.00%, 06/01/25 (c)     300       333,331  
5.00%, 06/01/25 (c)     460       513,244  
    Par  
(000’s
)   Value  
Florida (continued)            
Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB)                
7.00%, 05/15/24 (d) *   $ 590     $ 401,200  
8.12%, 05/15/24 (c) (d) *     460       312,800  

Florida Development Finance Corp., Brightline Passenger Rail Project, Series B (RB)

7.38%, 01/01/24 (c)

    22,535       24,337,412  

Florida Development Finance Corp., Florida Charter Foundation, Inc., Series A (RB)

6.12%, 06/15/27 (c)

    1,000       1,067,056  
Florida Development Finance Corp., Glenridge on Palmer Ranch Project (RB)                
5.00%, 06/01/28 (c)     1,000       1,131,008  
5.00%, 06/01/28 (c)     425       490,049  
Florida Development Finance Corp., Mayflower Retirement Community Project, Series A (RB)                
4.00%, 06/01/28 (c)     1,000       1,090,271  
4.00%, 06/01/28 (c)     1,050       1,160,879  

Florida Development Finance Corp., Miami Arts Charter School Project, Series A (RB)

5.62%, 06/15/24 (c)

    360       352,673  
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB)                
5.75%, 06/15/24 (c)     1,000       1,080,819  
6.00%, 06/15/25 (c)     500       561,659  
6.12%, 06/15/22 (c)     3,000       3,055,862  
6.12%, 06/15/25 (c)     685       762,427  

Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series C (RB)

5.00%, 09/15/27 (c)

    1,000       1,109,139  

Florida Development Finance Corp., The Mayl Ower Retirement Community Project, Series A (RB)

5.25%, 06/01/27 (c)

    1,000       1,159,931  
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB)                
6.25%, 01/01/24 (c) (p)     11,000       11,153,950  
6.38%, 01/01/26 (c) (p)     15,195       15,425,235  
6.50%, 01/01/29 (c) (p)     28,000       28,379,014  

Florida Higher Educational Facilities Financial Authority, Jacksonville University Project, Series A-1 (RB)

4.50%, 06/01/28 (c)

    2,710       3,110,089  


 

See Notes to Financial Statements

18

 

 

    Par  
(000’s
)   Value  
Florida (continued)            
5.00%, 06/01/28 (c)   $ 750     $ 858,211  
FRERC Community Development District (SA) (AGM)                
5.38%, 11/01/29 (c)     1,500       1,600,336  
5.50%, 11/01/29 (c)     2,450       2,620,468  
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB)                
3.50%, 02/01/31 (c)     965       1,023,563  
4.00%, 02/01/31 (c)     7,500       8,619,391  

Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series A (RB)

5.75%, 08/15/27 (c)

    2,000       2,240,075  

Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series B (RB)

4.25%, 05/15/22 (c)

    3,500       3,532,199  

Lake County, Village Veranda at Lady Lake Project, Series A-1 (RB)

7.12%, 01/01/27 (c)

    2,700       2,401,458  

Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB)

5.75%, 06/15/22 (c)

    500       506,843  

Lee County Industrial Development Authority, The Preserve Project, Series A (RB)

5.75%, 12/01/22 (c)

    1,000       1,026,759  

Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB)

5.00%, 11/15/24 (c)

    380       418,373  

Miami Beach Health Facilities Authority, Mount Sinai Medical Center, Series B (RB) (AGM)

3.00%, 11/15/31 (c)

    3,170       3,238,555  
Miami World Center Community Development District (SA)                
5.12%, 11/01/27 (c)     750       857,592  
5.25%, 11/01/27 (c)     250       284,634  
Miami-Dade County Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB)                
5.00%, 06/01/25 (c)     665       690,105  
5.00%, 06/01/25 (c)     1,390       1,415,457  

Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)

5.00%, 10/01/25 (c)

    500       563,848  
    Par  
(000’s
)   Value  
Florida (continued)            
5.00%, 10/01/25 (c)   $ 500     $ 560,465  

Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB)

5.00%, 10/01/25 (c)

    1,000       1,112,911  
Midtown Miami Community Development District, Parking Garage Project, Series A (SA)                
4.25%, 05/01/23 (c)     1,035       1,070,580  
5.00%, 05/01/23 (c)     1,480       1,527,275  

North Broward Hospital District, Series B (RB)

5.00%, 01/01/28 (c)

    155       183,742  
Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB)                
5.00%, 08/01/27 (c)     200       223,533  
5.00%, 08/01/27 (c)     200       226,720  

Palm Beach County Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) (AGM)

5.00%, 11/15/26 (c)

    1,000       1,147,685  

Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series A (RB)

7.50%, 06/01/22 (c)

    310       325,110  

Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series B (RB)

2.62%, 06/01/25

    525       534,090  

Palm Beach County, Lynn University Housing Project, Series A (RB)

5.00%, 06/01/31 (c)

    3,670       4,290,488  
Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB)                
5.00%, 04/01/29 (c)     1,000       1,140,596  
5.00%, 04/01/29 (c)     2,500       2,803,609  

Palm Cost Park Community Development District (SA)

5.70%, 11/29/21 (c)

    180       180,206  

Polk Country Industrial Development Authority, Florida Industrial Development (RB)

5.88%, 01/01/33

    3,250       4,045,821  
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB)                
5.50%, 11/15/26 (c)     500       549,570  
5.75%, 11/15/26 (c)     1,000       1,110,483  


 

See Notes to Financial Statements

19

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)   Value  
Florida (continued)            

Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series B-1 (RB)

4.25%, 05/15/22 (c)

  $ 3,600     $ 3,622,569  

Sumter County, Florida Village Community Development District No. 9 (SA)

5.50%, 05/01/22 (c)

    765       776,728  

Trust Agency, H-Bay Ministries, Inc., Superior Residences Project, Series C (RB) (AMBAC)

7.50%, 11/19/21 (c) (d) *

    1,000       200,000  
Village Community Development District No. 12 (SA)                
3.25%, 05/01/26     245       256,319  
3.62%, 05/01/26 (c)     2,385       2,548,126  
3.88%, 05/01/26 (c)     2,435       2,567,159  
4.25%, 05/01/28 (c)     950       1,044,941  

Village Community Development District No. 12 (SA) (SAW)

4.38%, 05/01/28 (c)

    1,190       1,308,799  
Village Community Development District No. 13 (SA)                
3.00%, 05/01/29     745       784,974  
3.38%, 05/01/29 (c)     995       1,062,075  
3.55%, 05/01/29 (c)     2,865       3,042,690  

Village Community Development District No. 13 (SA) (SBG)

3.70%, 05/01/29 (c)

    4,700       4,946,751  
              202,815,549  
Georgia: 1.2%                
Atlanta Development Authorities Senior Health Care Facilities, Proton Treatment Center Project, Series A-1 (RB)                
6.50%, 01/01/28 (c)     2,250       1,688,469  
6.75%, 01/01/28 (c)     2,000       1,479,563  

Burke County Development Authority, Series C (RB) (SAW)

4.12%, 02/01/28 (c)

    1,000       1,122,529  

Burke County Development Authority, Series D (RB)

4.12%, 02/01/28 (c)

    720       808,221  

DeKalb County Housing Authority, Baptist Retirement Communities of Georgia, Inc. and Clairmont Crest, Inc., Series A (RB)

5.00%, 01/01/29 (c)

    1,000       882,910  
Floyd County Development Authority, The Spires at Berry College Project, Series A (RB)                
    Par  
(000’s
)   Value  
Georgia (continued)            
6.25%, 12/01/24 (c)   $ 4,000     $ 3,973,909  
6.50%, 12/01/24 (c)     1,000       1,004,069  

Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) (SBG)

5.50%, 12/01/24 (c)

    1,250       1,250,987  
Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB) (SD CRED PROG)                
5.00%, 04/01/26 (c)     500       549,799  
5.00%, 04/01/26 (c)     500       551,332  

Gainesville & Hall County Development Authority (RB) (BAM)

5.00%, 03/01/27 (c)

    700       703,854  

George L Smith II World Congress Center Authority, Series A (RB)

4.00%, 01/01/31 (c)

    3,000       3,363,339  

George L Smith II World Congress Center Authority, Series B (RB)

5.00%, 01/01/31 (c)

    7,530       8,733,866  

Georgia Local Government, Grantor Trust, Series A (CP) (NATL)

4.75%, 06/01/28

    416       460,410  
Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB)                
5.75%, 06/15/27 (c)     250       287,252  
6.00%, 06/15/27 (c)     1,000       1,143,477  
Marietta Development Authority, Life University, Inc. Project, Series A (RB)                
5.00%, 11/01/27 (c)     1,000       1,091,814  
5.00%, 11/01/27 (c)     2,750       3,049,827  
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB)                
5.00%, 01/01/30 (c)     1,250       1,498,647  
5.00%, 07/01/25 (c)     375       423,161  

Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series B (RB)

5.00%, 07/01/28 (c)

    1,000       1,191,645  

Oconee County Industrial Development Authority, Series A-1 (RB)

6.25%, 12/01/25 (c)

    1,000       1,006,746  

Oconee County Industrial Development Authority, Series A-3 (RB)

5.50%, 12/01/21 (c)

    500       502,137  


 

See Notes to Financial Statements

20

 

 

    Par  
(000’s
)   Value  
Georgia (continued)            

Rockdale County Development Authority, Pratt Paper LLC Project (RB)

4.00%, 01/01/28 (c)

  $ 3,850     $ 4,320,484  
White County Development Authority, Truett McConnell University Project, Series A (RB)                
5.12%, 10/01/26 (c)     500       527,061  
5.25%, 10/01/26 (c)     500       522,684  
              42,138,192  
Guam: 0.5%                
Guam Government, Business Privilege Tax, Series A (RB)                
5.00%, 01/01/22 (c)     500       503,893  
5.12%, 01/01/22 (c)     1,390       1,401,105  
Guam Government, Business Privilege Tax, Series B (RB)                
5.00%, 01/01/22 (c)     330       332,569  
5.00%, 01/01/22 (c)     1,280       1,289,965  
Guam Government, Business Privilege Tax, Series D (RB)                
4.00%, 11/15/25 (c)     600       645,090  
5.00%, 11/15/25 (c)     585       657,309  
5.00%, 11/15/25 (c)     1,100       1,241,824  
5.00%, 11/15/25 (c)     500       565,665  
Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP)                
4.25%, 02/01/30     500       553,219  
5.00%, 02/01/30 (c)     500       564,501  

Guam Government, Hotel Occupancy Tax, Series A (RB)

5.00%, 11/01/30

    500       629,148  

Guam Government, Limited Obligation, Series A (RB)

5.00%, 12/01/26 (c)

    620       705,762  
Guam Government, Waterworks Authority, Water and Wastewater System (RB)                
5.00%, 07/01/26 (c)     1,375       1,536,071  
5.25%, 07/01/23 (c)     550       593,996  
5.50%, 07/01/23 (c)     1,000       1,084,133  

Guam Government, Waterworks Authority, Water and Wastewater System, Series A (RB)

5.00%, 07/01/30 (c)

    3,205       3,864,015  
Guam Power Authority, Series A (RB)                
5.00%, 10/01/22 (c)     345       356,750  
5.00%, 10/01/27 (c)     500       569,587  
              17,094,602  
Hawaii: 0.2%                
Kuakini, Hawaii Health System, Series A (RB)                
    Par  
(000’s
)   Value  
Hawaii (continued)            
6.38%, 11/29/21 (c)   $ 1,775     $ 1,753,901  
State of Hawaii, Department of Budget and Finance, Series A (RB)                
6.25%, 07/01/23 (c)     1,400       1,505,710  
6.62%, 07/01/23 (c)     2,085       2,239,469  
              5,499,080  
Idaho: 0.1%                
Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB)                
3.50%, 09/01/26 (c)     450       466,008  
5.00%, 09/01/26 (c)     1,135       1,286,538  
Idaho Health Facilities Authority, Terraces of Boise, Series A (RB) (ST)                
3.80%, 10/01/28 (c)     100       99,509  
4.00%, 10/01/28 (c)     900       894,935  
              2,746,990  
Illinois: 12.3%                
Chicago Board of Education, Series A (GO)                
5.00%, 12/01/21 (c)     6,760       6,780,759  
5.00%, 12/01/22 (c)     10,055       10,435,103  
5.00%, 12/01/28 (c)     250       301,575  
5.00%, 12/01/29 (c)     1,500       1,853,152  
5.00%, 12/01/30 (c)     395       488,872  
5.00%, 12/01/30 (c)     5,950       7,282,309  
5.00%, 12/01/30 (c)     1,600       1,953,580  
5.00%, 12/01/30 (c)     600       747,679  
5.00%, 12/01/30 (c)     100       123,007  
5.00%, 12/01/30 (c)     7,850       9,563,492  
5.00%, 12/01/30 (c)     1,100       1,338,087  
5.00%, 12/01/30 (c)     100       123,573  
5.00%, 12/01/30 (c)     150       186,350  
5.00%, 12/01/30 (c)     2,860       3,508,291  
5.25%, 12/01/21 (c)     435       436,423  
5.50%, 12/01/21 (c)     5,730       5,750,127  
7.00%, 12/01/25 (c)     14,210       17,014,974  
7.00%, 12/01/25 (c)     5,200       6,434,982  
7.00%, 12/01/27 (c)     2,250       2,884,200  
Chicago Board of Education, Series A (GO) (AGM)                
5.00%, 12/01/23     300       327,691  
5.00%, 12/01/25     1,000       1,166,361  
5.00%, 12/01/28 (c)     250       305,107  
Chicago Board of Education, Series A (GO) (AMBAC)                
5.50%, 12/01/25     145       169,795  
5.50%, 12/01/26     175       210,541  
5.50%, 12/01/30     2,500       3,251,642  
Chicago Board of Education, Series A (GO) (NATL)                
0.01%, 12/01/27     760       691,657  
0.01%, 12/01/28     390       345,939  
0.01%, 12/01/30     55       46,022  
5.50%, 12/01/26     355       408,864  


 

See Notes to Financial Statements

21

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)   Value  
Illinois (continued)            
Chicago Board of Education, Series B (GO)                
4.00%, 12/01/22 (c)   $ 150     $ 153,775  
5.00%, 12/01/22 (c)     3,235       3,361,110  
5.00%, 12/01/22 (c)     1,105       1,148,590  
5.00%, 12/01/22     100       104,858  
5.00%, 12/01/27     1,500       1,810,258  
5.00%, 12/01/29 (c)     200       244,647  
5.00%, 12/01/30 (c)     100       123,186  
5.00%, 12/01/30 (c)     100       124,985  
5.00%, 12/01/30     1,650       2,074,714  
6.50%, 12/01/26 (c)     1,100       1,338,214  
Chicago Board of Education, Series C (GO)                
5.00%, 12/01/23     500       545,124  
5.00%, 12/01/27     2,000       2,413,678  
5.00%, 12/01/27 (c)     2,625       3,105,262  
5.25%, 12/01/24 (c)     3,485       3,857,197  
5.25%, 12/01/24 (c)     4,430       4,883,266  
6.00%, 12/01/24 (c)     1,160       1,313,640  

Chicago Board of Education, Series D (GO) (AGM)

5.00%, 12/01/28 (c)

    2,500       2,962,731  

Chicago Board of Education, Series E (GO)

5.12%, 12/01/24 (c)

    2,415       2,672,529  

Chicago Board of Education, Series G (GO)

5.00%, 12/01/27 (c)

    1,100       1,301,253  

Chicago Board of Education, Series H (GO)

5.00%, 12/01/27 (c)

    8,500       9,896,960  

Chicago O’Hare International Airport (RB)

5.50%, 01/01/23 (c)

    400       422,292  
Chicago School Reform Board of Trustees, Series A (GO) (NATL)                
0.01%, 12/01/23     300       295,409  
0.01%, 12/01/25     355       338,583  
0.01%, 12/01/29     1,460       1,258,208  
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)                
0.00%, 12/01/28 ^     690       612,045  
0.00%, 12/01/29 ^     645       555,852  
0.01%, 12/01/22     180       178,863  
0.01%, 12/01/24     1,165       1,132,379  
0.01%, 12/01/25     1,650       1,573,695  
0.01%, 12/01/26     1,630       1,522,284  
0.01%, 12/01/27     1,030       937,378  
0.01%, 12/01/31     520       422,352  
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)                
5.00%, 06/01/26     100       118,699  
5.00%, 06/01/29     1,000       1,267,846  
    Par  
(000’s
)   Value  
Illinois (continued)            
City of Chicago, City Colleges (GO) (NATL)                
0.00%, 01/01/30 ^   $ 420     $ 357,383  
0.00%, 01/01/34 ^     290       219,582  
0.01%, 01/01/28     345       311,098  
0.01%, 01/01/33     1,485       1,157,880  
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO)                
5.00%, 01/01/25     235       265,551  
5.25%, 01/01/25 (c)     1,910       2,142,281  
5.25%, 01/01/25 (c)     945       1,064,048  
5.50%, 01/01/25 (c)     3,980       4,454,303  
5.50%, 01/01/25 (c)     115       129,526  
5.50%, 01/01/25 (c)     855       960,259  

City of Chicago, O’Hare International Airport, Senior Lien (RB)

5.75%, 01/01/23 (c)

    1,585       1,674,096  
City of Chicago, Series A (GO)                
4.62%, 11/29/21 (c)     905       909,887  
5.00%, 01/01/22 (c)     3,540       3,561,311  
5.00%, 01/01/22 (c)     865       870,207  
5.00%, 01/01/23     395       415,241  
5.00%, 01/01/24 (c)     2,935       3,151,888  
5.00%, 01/01/24 (c)     1,920       2,064,174  
5.00%, 01/01/24 (c)     640       688,614  
5.00%, 01/01/27     200       237,508  
5.00%, 01/01/27     1,000       1,187,540  
5.00%, 01/01/29 (c)     3,000       3,514,728  
5.00%, 11/29/21 (c)     4,160       4,191,703  
5.25%, 01/01/24 (c)     150       163,213  
5.25%, 11/29/21 (c)     2,110       2,126,080  
5.38%, 01/01/25 (c)     880       990,417  
5.50%, 01/01/25 (c)     1,320       1,479,860  
5.50%, 01/01/25 (c)     905       1,012,255  
5.50%, 01/01/25 (c)     475       532,399  
5.62%, 01/01/27 (c)     1,000       1,209,871  
5.62%, 01/01/27 (c)     1,000       1,202,493  
5.75%, 01/01/27 (c)     1,180       1,422,786  
5.75%, 01/01/27 (c)     1,000       1,203,678  
6.00%, 01/01/27 (c)     7,750       9,412,689  

City of Chicago, Series A (GO) (NATL)

0.00%, 01/01/29 ^

    140       122,693  

City of Chicago, Series A (GO) (SAW)

5.00%, 01/01/29

    2,775       3,414,282  

City of Chicago, Series B (GO)

5.00%, 01/01/23

    870       915,162  
City of Chicago, Series C (GO)                
0.00%, 01/01/32 ^     195       144,121  
5.00%, 01/01/22 (c)     110       110,743  
5.00%, 01/01/22 (c)     195       196,267  
5.00%, 01/01/22 (c)     1,800       1,813,162  
5.00%, 01/01/24     1,110       1,212,915  
5.00%, 01/01/25     1,760       1,988,808  
5.00%, 01/01/26 (c)     3,800       4,301,955  


 

See Notes to Financial Statements

22

 

 

    Par  
(000’s
)   Value  
Illinois (continued)            
5.00%, 01/01/26 (c)   $ 250     $ 288,330  
5.00%, 01/01/26     380       441,134  
City of Chicago, Series D (GO)                
5.50%, 01/01/25 (c)     1,135       1,268,797  
5.50%, 01/01/25 (c)     1,045       1,169,535  
5.50%, 01/01/25 (c)     2,715       3,043,082  
5.50%, 01/01/25 (c)     520       582,975  
City of Chicago, Series E (GO)                
5.50%, 01/01/25 (c)     915       1,024,746  
5.50%, 01/01/25 (c)     1,680       1,874,510  

City of Chicago, Series F (GO)

5.50%, 01/01/25 (c)

    1,635       1,831,103  

City of Chicago, Water Revenue, Second Lien (RB) (AMBAC)

5.75%, 11/01/30

    1,020       1,223,678  
City of Harvey, Series A (GO)                
5.50%, 11/29/21 (c) (d) *     465       320,850  
5.62%, 11/29/21 (c) (d) *     3,600       2,484,000  

Illinois Finance Authority, Acero Charter Schools, Inc. (RB) (ST)

4.00%, 10/01/31 (c)

    1,000       1,092,365  
Illinois Finance Authority, Admiral Lake Project (RB)                
5.00%, 05/15/24 (c)     1,120       1,177,381  
5.12%, 05/15/24 (c)     390       409,416  
5.25%, 05/15/24 (c)     2,350       2,445,988  
5.50%, 05/15/24 (c)     2,000       2,105,446  

Illinois Finance Authority, Central Baptist Village (RB)

5.38%, 11/29/21 (c)

    35       35,068  
Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB)                
5.00%, 07/01/25 (c)     1,000       953,255  
5.00%, 07/01/25 (c)     1,000       979,980  

Illinois Finance Authority, Clare Oaks, Series A-3 (RB)

4.00%, 11/15/24 (c)

    500       499,075  
Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB)                
4.75%, 05/15/23 (c)     615       637,797  
5.12%, 05/15/23 (c)     230       238,758  
5.25%, 05/15/23 (c)     750       779,040  
Illinois Finance Authority, Friendship Village of Schaumburg (RB)                
5.00%, 02/15/27     3,000       2,192,907  
5.00%, 02/15/27 (c)     6,500       4,686,039  
5.12%, 02/15/27 (c)     6,130       4,410,239  

Illinois Finance Authority, Greenfields of Geneva Project (RB)

7.10%, 11/01/27 (c)

    100       88,810  

Illinois Finance Authority, Intrinsic School Project, Series A (RB)

6.00%, 12/01/25 (c)

    500       562,718  
    Par  
(000’s
)   Value  
Illinois (continued)            
Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB)                
5.00%, 11/01/26 (c)   $ 250     $ 283,904  
5.00%, 11/01/26 (c)     1,525       1,693,642  
5.00%, 11/01/26 (c)     500       572,907  
5.00%, 11/01/26 (c)     4,210       4,615,730  
5.00%, 11/01/26 (c)     500       560,259  

Illinois Finance Authority, Park Place Elmhurst Project (RB)

5.12%, 05/15/26 (c)

    1,616       1,575,082  

Illinois Finance Authority, Roosevelt University (RB)

5.50%, 11/29/21 (c)

    475       476,031  
Illinois Finance Authority, Roosevelt University, Series A (RB)                
6.00%, 10/01/28 (c)     1,600       1,944,343  
6.12%, 10/01/28 (c)     4,500       5,377,921  
6.12%, 10/01/28 (c)     8,000       9,643,946  

Illinois Finance Authority, Westminster Village, Series A (RB) (AGM)

5.25%, 05/01/25 (c)

    2,695       2,841,913  
Illinois Sports Facilities Authority (RB)                
5.00%, 06/15/28     1,000       1,202,651  
5.00%, 06/15/29 (c)     3,055       3,706,330  
5.00%, 06/15/29     1,000       1,221,559  

Illinois Sports Facilities Authority (RB) (AGM)

5.00%, 06/15/24 (c)

    1,000       1,099,751  

Illinois Sports Facilities Authority (RB) (AMBAC)

0.00%, 06/15/26 ^

    690       650,613  
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)                
0.00%, 12/15/56 ^     4,000       1,333,779  
4.00%, 12/15/29 (c)     15,000       16,565,508  
5.00%, 12/15/27 (c)     250       288,938  
5.00%, 12/15/29 (c)     8,225       9,720,705  
5.00%, 06/15/22 (c)     3,210       3,303,434  
5.50%, 12/15/25 (c)     1,400       1,596,589  
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL)                
0.00%, 12/15/34 ^     590       432,843  
0.00%, 06/15/29 ^     840       727,505  
0.00%, 06/15/31 ^     125       101,651  
0.00%, 06/15/34 ^     190       141,697  
0.00%, 06/15/37 ^     185       124,920  
0.00%, 06/15/39 ^     115       72,568  
0.00%, 06/15/40 ^     1,500       914,274  
0.01%, 12/15/30     475       393,158  
0.01%, 06/15/30     745       625,336  


 

See Notes to Financial Statements

23

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)   Value  
Illinois (continued)            

Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB)

0.00%, 12/15/54 ^

  $ 740     $ 263,533  
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL)                
0.00%, 06/15/28 ^     1,080       962,512  
5.70%, 06/15/23     410       444,432  
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (ST)                
5.00%, 12/15/22     335       351,942  
5.00%, 06/15/22 (c)     1,450       1,492,205  
5.00%, 06/15/22 (c)     3,765       3,874,589  
5.00%, 06/15/22 (c)     290       298,441  

Northeastern Illinois University (CP)

4.00%, 10/01/22 (c)

    585       564,043  

Southwestern Illinois Development Authority (RB)

5.35%, 11/29/21 (c)

    230       140,529  
Southwestern Illinois Development Authority, United States Steel Corp. Project (RB)                
5.75%, 08/01/22 (c)     1,500       1,536,114  
State of Illinois (GO)                
3.50%, 06/01/26 (c)     175       188,102  
3.50%, 06/01/26 (c)     935       1,013,554  
4.00%, 01/01/26 (c)     500       548,779  
4.00%, 05/01/24     660       714,508  
4.00%, 06/01/26 (c)     220       241,390  
4.00%, 06/01/26 (c)     360       393,507  
4.00%, 06/01/26 (c)     1,000       1,095,379  
4.00%, 06/01/26 (c)     460       499,861  
4.00%, 06/01/26 (c)     270       294,510  
4.00%, 08/01/22 (c)     150       153,742  
4.12%, 11/01/26 (c)     600       667,901  
4.12%, 03/01/22 (c)     160       161,721  
5.00%, 11/01/24     200       225,205  
5.00%, 02/01/24 (c)     350       382,917  
5.00%, 02/01/24 (c)     375       410,445  
5.00%, 02/01/26     2,750       3,194,980  
5.00%, 02/01/27     500       592,791  
5.00%, 03/01/22 (c)     250       253,473  
5.00%, 03/01/22 (c)     305       309,104  
5.00%, 03/01/22 (c)     100       101,373  
5.00%, 03/01/22 (c)     140       142,123  
5.00%, 03/01/28     805       970,345  
5.00%, 03/01/31 (c)     1,500       1,870,582  
5.00%, 04/01/24 (c)     2,000       2,197,375  
5.00%, 04/01/24 (c)     585       643,028  
5.00%, 05/01/23     335       357,697  
5.00%, 05/01/24 (c)     1,025       1,129,617  
5.00%, 05/01/24 (c)     175       192,130  
    Par  
(000’s
)   Value  
Illinois (continued)            
5.00%, 05/01/24 (c)   $ 275     $ 302,349  
5.00%, 05/01/24 (c)     5,035       5,510,833  
5.00%, 05/01/24 (c)     100       109,737  
5.00%, 05/01/24 (c)     2,005       2,209,117  
5.00%, 06/01/26     125       146,246  
5.00%, 06/01/26 (c)     800       931,205  
5.00%, 06/01/26 (c)     1,040       1,208,553  
5.00%, 07/01/23     475       510,482  
5.00%, 08/01/22 (c)     1,830       1,892,436  
5.25%, 07/01/23 (c)     550       591,892  
5.25%, 07/01/23 (c)     510       548,669  
5.25%, 07/01/23 (c)     290       311,460  
5.50%, 07/01/23 (c)     560       602,343  
5.50%, 07/01/23 (c)     1,165       1,260,781  
6.00%, 05/01/25     500       587,938  
6.00%, 05/01/26     880       1,066,301  

State of Illinois (GO) (AGC)

5.75%, 05/01/30 (c)

    3,710       4,609,168  

State of Illinois Sales Tax Revenue (RB)

3.00%, 06/15/26 (c)

    100       105,271  
State of Illinois, Series A (GO)                
4.00%, 01/01/22 (c)     100       100,504  
4.00%, 01/01/22 (c)     320       321,879  
4.00%, 01/01/22 (c)     190       191,145  
4.00%, 03/01/31 (c)     1,000       1,129,448  
5.00%, 10/01/28     500       608,425  
5.00%, 12/01/24     820       925,545  
5.00%, 12/01/27 (c)     100       117,026  
5.00%, 03/01/30     2,000       2,475,880  
5.00%, 03/01/31 (c)     3,000       3,728,753  
5.00%, 03/01/31 (c)     1,250       1,498,623  
5.00%, 04/01/23 (c)     110       116,145  
5.00%, 05/01/28 (c)     270       314,471  
5.00%, 05/01/28 (c)     1,000       1,177,234  
5.00%, 05/01/28 (c)     365       423,921  

State of Illinois, Series C (GO)

5.00%, 11/01/27 (c)

    8,425       9,985,123  
State of Illinois, Series D (GO)                
3.25%, 11/01/26     1,755       1,922,737  
5.00%, 11/01/23     1,270       1,382,057  
5.00%, 11/01/25     3,955       4,569,091  
5.00%, 11/01/26     11,690       13,794,675  
5.00%, 11/01/27 (c)     9,700       11,570,351  
5.00%, 11/01/27     7,000       8,397,486  

Village of Bolingbrook, Special Service Area No. 1 (ST)

5.25%, 03/01/28 (c)

    500       526,333  

Village of Bridgeview (GO)

5.00%, 12/01/22 (c)

    360       360,636  
Will County Community High School District No. 210, Series B (GO)                
0.00%, 01/01/29 ^     90       76,289  
0.00%, 01/01/31 ^     245       193,239  
0.00%, 01/01/33 ^     540       398,024  
              437,047,482  


 

See Notes to Financial Statements

24

 

 

    Par  
(000’s
)   Value  
Indiana: 0.5%            

City of Anderson, Anderson University (RB)

6.00%, 10/01/22 (c)

  $ 1,000     $ 1,017,133  

City of Anderson, Indiana Economic Development, Anderson University (RB)

4.75%, 10/01/22 (c)

    215       213,027  

City of Rockport, Indiana Steel Corp. Project, Series A (RB)

7.00%, 02/01/22 (c)

    1,000       1,010,493  

Indiana Finance Authority Educational Facilities, Earlham College Project, Series A (RB)

5.00%, 10/01/23 (c)

    50       52,798  
Indiana Finance Authority, King’s Daughters’ Hospital and Health Services (RB)                
5.12%, 11/29/21 (c)     670       672,167  
5.50%, 11/29/21 (c)     725       727,356  
5.50%, 11/29/21 (c)     600       602,001  
Indiana Finance Authority, Ohio River Bridges East End Crossing Project, Series A (RB)                
5.00%, 07/01/23 (c)     250       268,702  
5.00%, 07/01/23 (c)     1,000       1,074,809  
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB)                
3.00%, 11/01/30     1,000       1,045,996  
5.00%, 06/01/22 (c)     1,620       1,650,237  

Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB)

3.00%, 11/01/30

    3,500       3,660,984  

Indiana Finance Authority, Res Polyflow Indiana Project (RB)

7.00%, 03/01/26 (c)

    4,300       4,025,666  

Valparaiso, Indiana Exempt Facilities, Pratt Paper, LLC Project (RB)

5.88%, 01/01/24

    500       531,588  
              16,552,957  
Iowa: 1.1%                

City of Coralville, Marriott Hotel and Convention Center, Series E (CP)

4.00%, 06/01/24 (c)

    1,025       1,056,924  

Iowa Finance Authority, Drake West Village Project, Series A (RB)

4.50%, 06/01/26 (c)

    1,500       1,346,339  

Iowa Finance Authority, Iowa Fertilizer Co. Project (RB)

5.25%, 12/01/23 (c)

    5,195       5,599,197  

Iowa Finance Authority, Iowa Fertilizer Co. Project, Series B (RB)

5.25%, 12/01/37 (c) (p)

    8,550       9,304,062  
    Par  
(000’s
)   Value  
Iowa (continued)            
Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB)                
5.00%, 11/15/26 (c)   $ 2,000     $ 2,293,304  
5.00%, 05/15/27 (c)     505       574,929  
5.00%, 05/15/27 (c)     5,960       6,748,884  
Iowa Higher Education Loan Authority, Wartburg College Project (RB)                
4.00%, 10/01/25     2,095       2,178,908  
5.00%, 10/01/25 (c)     990       1,058,802  
5.00%, 10/01/25 (c)     2,115       2,246,982  

Iowa Tobacco Settlement Authority, Series A-2 (RB)

4.00%, 06/01/31 (c)

    1,000       1,111,758  

Iowa Tobacco Settlement Authority, Series B-1 (RB)

4.00%, 06/01/31 (c)

    5,000       5,536,496  
              39,056,585  
Kansas: 0.4%                

City of Hutchinson, Regional Medical Center, Inc. (RB)

5.00%, 12/01/26 (c)

    250       283,465  

City of Manhattan, Kansas Health Care Facilities Authority, Meadowlark Hills Retirement Community, Series A (RB)

4.00%, 06/01/28 (c)

    1,000       1,074,087  

City of Wichita, Health Care Facilities, Series II-A (RB)

5.25%, 12/01/26 (c)

    255       265,233  

City of Wichita, Health Care Facilities, Series III (RB)

5.00%, 05/15/26 (c)

    250       273,896  

Kansas Development Finance Authority, Village Shalom Project, Series A (RB) (AGC)

5.25%, 11/15/23 (c)

    1,000       980,224  

Overland Park, Prairiefire at LionsGate Project (RB)

6.00%, 12/15/22 (c)

    2,550       1,450,198  

Wyandotte County, Kansas City Unified Government, Legends Apartments Garage and West Lawn Project (RB)

4.50%, 12/01/26 (c)

    880       917,281  
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB)                
5.00%, 09/01/25 (c)     345       346,424  
6.00%, 09/01/25 (c)     2,125       2,143,703  

Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 4 (RB)

0.00%, 09/01/34 ^

    10,000       3,284,699  


 

See Notes to Financial Statements

25

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)   Value  
Kansas (continued)                

Wyandotte County-Kansas City Unified Government (RB)

5.75%, 09/01/25 (c)

  $ 4,565     $ 4,605,421  
              15,624,631  
Kentucky: 0.4%                
Christian County, Jennie Stuart Medical Center (RB)                
5.38%, 02/01/26 (c)     1,100       1,250,216  
5.50%, 02/01/26 (c)     1,000       1,133,392  
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)                
5.00%, 05/15/26 (c)     350       370,995  
5.00%, 05/15/26 (c)     545       582,780  
5.00%, 05/15/26 (c)     250       261,752  
Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB)                
5.38%, 11/15/22 (c)     400       404,750  
5.50%, 11/15/22 (c)     250       252,221  

Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Series A (RB)

4.25%, 07/01/25 (c)

    4,365       4,745,799  
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB)                
5.00%, 06/01/26     175       205,397  
5.00%, 06/01/27 (c)     990       1,150,024  
5.25%, 06/01/27 (c)     750       878,506  

Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB)

5.00%, 06/01/27 (c)

    500       581,789  
Kentucky Economic Development Finance Authority, Rosedale Green Project (RB)                
5.50%, 11/15/25 (c)     515       528,075  
5.75%, 11/15/25 (c)     500       510,431  

Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL)

5.00%, 09/01/23

    265       286,283  

Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB)

5.75%, 07/01/23 (c)

    335       365,690  
              13,508,100  
    Par  
(000’s
)   Value  
Louisiana: 0.9%                
Calcasieu Parish Memorial Hospital Service District (RB)                
5.00%, 12/01/29 (c)   $ 3,950     $ 4,674,656  
5.00%, 12/01/29 (c)     1,750       2,097,405  
City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM)                
4.00%, 12/01/28 (c)     1,470       1,679,428  
4.00%, 12/01/28 (c)     3,235       3,709,223  
5.00%, 12/01/25     100       117,119  

Louisiana Housing Finance Agency, Chateau Project, Series A (RB)

7.25%, 11/29/21 (c)

    345       335,225  

Louisiana Local Government Environmental Facilities and Community Development Authority Student Housing, Provident Group ULM Properties LLC, Series A (RB)

5.00%, 07/01/29 (c)

    500       527,629  

Louisiana Local Government Environmental Facilities and Community Development Authority, CDF Healthcare of Louisiana, LLC Project, Series A (RB)

5.62%, 06/01/25 (c)

    975       1,015,113  

Louisiana Local Government Environmental Facilities and Community Development Authority, City of New Orleans Gomesa Project (RB)

4.00%, 11/01/30 (c)

    2,000       2,168,127  

Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB)

4.25%, 12/01/22 (c)

    175       140,064  

Louisiana Local Government Environmental Facilities and Community Development Authority, St. James Place of Baton Rouge Project, Series A (RB)

6.25%, 11/15/25 (c)

    1,000       1,082,303  

Louisiana Local Government Environmental Facilities and Community Development Authority, The Glen Retirement System Project, Series A (RB)

5.00%, 01/01/26 (c)

    1,000       955,608  
Louisiana Local Government Environmental Facilities and Community Development Authority, University of Louisiana at Monroe Project, Series A (RB)                


 

See Notes to Financial Statements

26

 

 

    Par  
(000’s
)   Value  
Louisiana (continued)                
5.00%, 07/01/29 (c)   $ 500     $ 517,663  

Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB)

3.50%, 11/01/27 (c)

    5,260       5,716,228  

Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB)

7.75%, 07/01/24 (c) (d) *

    1,647       16  
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB)                
7.50%, 07/01/23 (d) *     2,259       23  
8.38%, 07/01/24 (c) (d) *     1,389       14  
Parish of St James, Nustar Logistics, LP Project (RB)                
5.85%, 06/01/25 (p)     750       847,615  
6.35%, 06/01/30 (c)     1,000       1,312,806  

Parish of St James, Nustar Logistics, LP Project, Series A (RB)

6.35%, 06/01/30 (c)

    3,000       3,938,417  
              30,834,682  
Maine: 0.2%                

Maine Finance Authority, Solid Disposal Facility (RB)

5.38%, 12/15/26 (c) (d) *

    4,500       2,475,000  
Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue, Series A (RB)                
4.00%, 07/01/26 (c)     1,270       1,377,596  
5.00%, 07/01/26 (c)     1,000       1,145,386  
5.00%, 07/01/26 (c)     645       734,323  

Rumford, Maine Solid Waste Disposal, Boise Cascade Corp. (RB)

6.88%, 11/29/21 (c)

    2,000       2,002,529  
              7,734,834  
Maryland: 1.4%                
City of Baltimore, Convention Center Hotel (RB)                
5.00%, 09/01/27 (c)     1,400       1,496,703  
5.00%, 09/01/27 (c)     655       700,962  
5.00%, 09/01/27 (c)     500       530,444  
5.00%, 09/01/27 (c)     1,000       1,068,058  
5.00%, 09/01/27 (c)     3,000       3,153,876  
5.00%, 09/01/27 (c)     1,500       1,586,012  
5.00%, 09/01/27 (c)     1,425       1,503,214  

City of Baltimore, East Baltimore Research Park Project, Series A (RB)

5.00%, 09/01/27 (c)

    500       560,778  
    Par  
(000’s
)   Value  
Maryland (continued)                

City of Baltimore, Harbor Point Project (RB)

5.12%, 06/01/26 (c)

  $ 250     $ 272,014  

County of Prince George’s, Chesapeake Lighthouse Chapter School Project, Series A (RB)

7.00%, 11/01/25 (c)

    500       561,578  

Frederick County, Education Facilities Project, Series A (RB) (ST)

5.00%, 09/01/27 (c)

    2,000       2,193,358  

Howard County, Series A (TA)

4.50%, 02/15/26 (c)

    500       523,575  

Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB)

5.75%, 11/29/21 (c)

    7,785       7,865,402  
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA)                
3.75%, 01/01/27 (c)     100       110,335  
4.38%, 01/01/27 (c)     470       517,700  
4.50%, 01/01/27 (c)     530       583,737  
Maryland Economic Development Corp., Port Covington Project (TA)                
3.25%, 09/01/30     500       548,230  
4.00%, 09/01/30 (c)     500       564,156  
4.00%, 09/01/30 (c)     5,500       6,140,694  

Maryland Economic Development Corp., Purple Line Light Rail Project, Series A (RB)

5.00%, 11/30/21 (c)

    3,600       3,613,167  

Maryland Economic Development Corp., Purple Line Light Rail Project, Series B (RB)

5.00%, 11/30/21 (c)

    3,820       3,833,972  
Maryland Economic Development Corp., Purple Line Light Rail Project, Series C (RB)                
5.00%, 11/30/21 (c)     1,500       1,505,486  
5.00%, 11/30/21 (c)     1,640       1,645,999  
Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB)                
4.00%, 07/01/26 (c)     400       433,844  
5.00%, 07/01/26 (c)     250       289,156  

Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB)

4.00%, 07/01/25 (c)

    210       229,701  


 

See Notes to Financial Statements

27

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)   Value  
Maryland (continued)                
4.25%, 07/01/25 (c)   $ 145     $ 159,462  
5.00%, 07/01/25 (c)     625       705,925  
5.00%, 07/01/25 (c)     500       560,502  
5.00%, 07/01/25 (c)     1,500       1,672,440  

Maryland Health and Higher Educational facilities, Stevenson University, Series A (RB)

4.00%, 06/01/31 (c)

    750       840,973  

Mayor and Council of Rockville, Ingleside at King Farm Project, Series B (RB)

5.00%, 11/01/24 (c)

    2,705       2,914,450  
Prince George County, Collington Episcopal Life Care Community, Inc. (RB)                
5.25%, 04/01/27 (c)     1,000       1,066,789  
5.25%, 04/01/27 (c)     1,000       1,051,326  

Prince George’s County, Suitland-Naylor Road Project (TA)

4.75%, 01/01/26 (c)

    500       550,033  
              51,554,051  
Massachusetts: 1.0%                

Collegiate Charter School of Lowell (RB)

5.00%, 06/15/26 (c)

    365       393,481  

Commonwealth of Massachusetts (RB) (NATL)

5.50%, 01/01/25

    1,220       1,405,088  

Massachusetts Development Finance Agency (RB)

4.00%, 07/01/31 (c)

    1,000       1,107,208  
Massachusetts Development Finance Agency, Ascentria Care Alliance Project (RB)                
5.00%, 07/01/28 (c)     1,300       1,415,705  
5.00%, 07/01/28 (c)     1,000       1,106,528  
5.00%, 07/01/28 (c)     1,000       1,081,948  
Massachusetts Development Finance Agency, Boston Medical Center Issue , Series D (RB)                
4.00%, 07/01/25 (c)     285       305,384  
5.00%, 07/01/25 (c)     2,105       2,372,863  

Massachusetts Development Finance Agency, Boston Student Housing Project (RB)

5.00%, 10/01/26 (c)

    1,000       1,108,071  

Massachusetts Development Finance Agency, Emerson College (RB)

5.00%, 01/01/25 (c)

    500       553,446  

Massachusetts Development Finance Agency, Emmanuel College, Series A (RB)

5.00%, 10/01/26 (c)

    1,035       1,192,548  
    Par  
(000’s
)   Value  
Massachusetts (continued)                
Massachusetts Development Finance Agency, Lawrence General Hospital (RB)                
5.00%, 07/01/27 (c)   $ 1,000     $ 990,629  
5.00%, 07/01/27 (c)     2,000       1,881,211  
5.00%, 07/01/27 (c)     1,900       1,816,180  
Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB)                
5.25%, 07/01/24 (c)     350       352,826  
5.50%, 07/01/24 (c)     550       556,883  
Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB)                
5.00%, 11/15/25 (c)     500       552,461  
5.12%, 11/15/25 (c)     500       550,369  
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB)                
4.00%, 10/01/22 (c)     1,000       1,072,788  
5.00%, 10/01/22 (c)     1,400       1,514,432  
5.00%, 10/01/22 (c)     3,820       4,128,519  

Massachusetts Development Finance Agency, UMass Boston Student Housing Project (RB)

5.00%, 10/01/26 (c)

    1,930       2,153,660  

Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project (RB)

5.00%, 10/01/28 (c)

    4,000       4,498,728  
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB)                
5.00%, 07/01/26 (c)     510       593,763  
5.00%, 07/01/26 (c)     190       222,829  
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series L (RB)                
3.62%, 07/01/27 (c)     540       579,566  
4.00%, 07/01/27 (c)     1,550       1,719,337  

Massachusetts Development Finance Agency, Wellforce Issue, Series A (RB)

5.00%, 01/01/29 (c)

    1,000       1,209,649  
              36,436,100  
Michigan: 0.8%                

Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB)

5.00%, 02/15/27 (c)

    290       329,521  

City of Detroit (GO)

5.50%, 04/01/30 (c)

    250       307,726  


 

See Notes to Financial Statements

28

 

 

    Par  
(000’s
)   Value  
Michigan (continued)                

City of Flint Hospital Building Authority, Hurley Medical Center, Series B (RB)

4.75%, 07/01/23 (c)

  $ 425     $ 447,734  

Flint Hospital Building Authority, Hurley Medical Center (RB)

4.00%, 07/01/30 (c)

    500       563,881  

Grand Rapids Economic Development Corp., Beacon Hill at EastGate Project, Series A (RB)

5.00%, 11/01/24 (c)

    500       541,575  

Grand Rapids Economic Development Corp., Clark Retirement Community Inc., Series A (RB)

5.75%, 04/01/26 (c)

    1,000       968,563  
Michigan Finance Authority, Lawrence Technological University Project (RB)                
5.00%, 02/01/27 (c)     1,000       1,111,784  
5.00%, 02/01/27 (c)     2,000       2,193,938  
5.25%, 02/01/27 (c)     900       1,021,917  
Michigan Finance Authority, Presbyterian Villages of Michigan (RB)                
4.75%, 11/15/25     670       729,410  
5.25%, 11/15/25 (c)     250       269,159  
5.50%, 11/15/25 (c)     300       322,047  
Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB)                
5.00%, 07/01/23     110       117,203  
5.00%, 07/01/24 (c)     3,575       3,779,870  
5.00%, 07/01/24 (c)     215       228,417  

Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) (AGM)

5.00%, 07/01/24 (c)

    165       180,058  

Michigan Finance Authority, Series B-1 (RB)

5.00%, 12/01/30 (c)

    4,000       4,676,728  

Michigan Finance Authority, Thomas M. Cooley Law School Project (RB)

5.00%, 07/01/24 (c)

    795       849,501  

Michigan Municipal Bond Authority, Series C (RB) (AMBAC)

4.75%, 11/29/21 (c)

    1,000       1,034,778  

Michigan State Building Authority, Series F (RB)

4.00%, 10/01/24

    100       106,769  

Michigan Strategic Fund, Evangelical Homes Project (RB)

5.25%, 06/01/22 (c)

    2,650       2,685,836  
    Par  
(000’s
)   Value  
Michigan (continued)                
5.50%, 06/01/22 (c)   $ 2,000     $ 2,023,303  
Michigan Strategic Fund, I-75 Improvement Project (RB)                
5.00%, 12/31/28 (c)     600       735,120  
5.00%, 12/31/28 (c)     1,250       1,476,459  
5.00%, 12/31/28 (c)     700       853,519  

Michigan Tobacco Settlement Finance Authority, Series B (RB)

0.01%, 11/15/21 (c)

    260       29,460  
              27,584,276  
Minnesota: 0.9%                

Chippewa County, Chippewa County-Montevideo Hospital Project (RB)

4.00%, 03/01/26 (c)

    135       140,999  

City of Anoka, Homestead at Anoka, Inc. Project (RB)

4.25%, 11/01/24 (c)

    500       524,037  
City of Apple Valley, PHS Apple Valley Senior Housing, Inc. Orchard Path Project (RB)                
4.38%, 09/01/23 (c)     2,920       3,040,762  
4.50%, 09/01/23 (c)     940       980,376  
City of Bethel, The Lodge at the Lakes at Stillwater Project (RB)                
5.00%, 06/01/23 (c)     750       771,990  
5.00%, 06/01/23 (c)     500       513,821  
5.00%, 06/01/23 (c)     350       362,969  
City of Blaine, Crest View Senior Communities Project, Series A (RB)                
5.75%, 07/01/25 (c)     1,355       1,289,639  
6.12%, 07/01/25 (c)     400       381,033  
6.12%, 07/01/25 (c)     1,055       994,630  

City of Brooklyn Center, Minnesota Multifamily Housing, Series A (RB)

5.50%, 11/29/21 (c)

    2,000       1,618,186  
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB)                
5.50%, 07/01/25 (c)     245       260,313  
5.50%, 07/01/25 (c)     250       267,574  
5.75%, 07/01/25 (c)     500       532,322  
City of Crookston, Health Care Facilities, Riverview Health Project (RB)                
5.00%, 05/01/29 (c)     2,000       2,091,522  
5.00%, 05/01/29 (c)     3,000       3,177,779  
City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB)                
5.25%, 07/01/25 (c)     500       552,084  
5.50%, 07/01/25 (c)     1,000       1,104,743  


 

See Notes to Financial Statements

29

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)   Value  
Minnesota (continued)                

City of Forest Lake, International Language Academy, Series A (RB) (SAW)

5.38%, 08/01/27 (c)

  $ 500     $ 566,964  

City of Ham Lake, Charter School, DaVinci Academy Project, Series A (RB)

5.00%, 07/01/24 (c)

    750       802,355  

City of Maple Grove, Minnesota Health Care Facilities (RB)

3.38%, 05/01/27 (c)

    115       123,752  

City of Minneapolis, Charter School, Hiawatha Academies Project, Series A (RB)

5.00%, 07/01/24 (c)

    500       531,311  

City of St. Louis Park, Place Via Sol Project (RB) (AMBAC)

6.00%, 07/01/27 (d) (p) *

    2,000       1,900,000  

City of St. Paul Park, Health Care Facilities, Presbyterian Homes Interlude Transitional Care (RB)

5.00%, 05/01/23 (c)

    1,000       1,051,981  

City of St. Paul, Housing and Redevelopment Authority, Series A (RB)

5.75%, 09/01/26 (c)

    325       369,281  

City of Wayzata, Folkestone Senior Living Community (RB)

4.00%, 08/01/24 (c)

    350       363,793  

City of West St. Paul, Housing and Health Care Facilities, Walker Westwood Ridge Campus Project (RB)

5.00%, 11/01/25 (c)

    500       508,321  

Duluth Independent School District No. 709, Series A (CP)

4.20%, 03/01/27 (c)

    665       702,674  

Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB)

5.00%, 05/01/26 (c)

    3,730       3,993,006  

Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB)

4.25%, 11/19/21 (c)

    1,000       1,000,404  

Saint Paul, Minnesota Housing and Redevelopment Authority, Episcopal Homes Project (RB)

5.00%, 05/01/23 (c)

    1,500       1,543,380  

Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB)

4.00%, 08/01/26 (c)

    250       265,069  
              32,327,070  
    Par  
(000’s
)   Value  
Mississippi: 0.0%                

Mississippi Development Bank, Water and Sewer System (RB) (AGM)

6.88%, 12/01/23 (c)

  $ 1,000     $ 1,118,614  
Missouri: 1.0%                
Boone County, Boone Hospital Center (RB)                
3.00%, 08/01/26 (c)     410       424,458  
4.00%, 08/01/26 (c)     565       606,917  

Cape Girardeau County Industrial Development Authority, Missouri Health Facilities (RB)

3.00%, 03/01/31 (c)

    3,750       3,785,333  

Cape Girardeau County Industrial Development Authority, Series A (RB)

5.00%, 03/01/27 (c)

    1,000       1,177,484  

Citizens Memorial Hospital District of Polk County (RB)

5.00%, 11/29/21 (c)

    1,000       1,001,249  

City of Blue Springs, Adams Farm Project, Series A (TA)

4.00%, 06/01/24 (c)

    300       304,760  

City of Lees Summit (TA)

4.88%, 11/01/27 (c)

    2,500       2,485,996  

City of Liberty, Liberty Commons Project, Series A (TA)

5.75%, 06/01/25 (c)

    500       515,600  

City of Nevada, Regional Medical Center (RB) (ACA)

4.30%, 11/29/21 (c)

    40       39,577  

City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA)

4.62%, 11/01/27 (c)

    1,000       1,102,432  
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB)                
4.38%, 11/15/26 (c)     250       250,340  
4.75%, 11/15/26 (c)     500       504,810  

Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB)

4.00%, 02/01/29 (c)

    475       530,288  
I-470 Western Gateway Transportation Development District, Series A (RB)                
4.50%, 12/01/26 (c)     400       421,899  
5.25%, 12/01/26 (c)     1,100       1,157,964  
Kansas City Industrial Development Authority, Kingswood Project (RB)                
5.75%, 11/15/25 (c) (d) *     2,400       1,248,000  
6.00%, 11/15/25 (c) (d) *     2,810       1,461,200  
6.00%, 11/15/25 (c) (d) *     4,910       2,553,200  


 

See Notes to Financial Statements

30

 

 

    Par  
(000’s
)   Value  
Missouri (continued)                
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AGM)                
5.00%, 02/01/28 (c)   $ 3,000     $ 3,037,326  
5.00%, 02/01/28 (c)     5,975       6,019,160  
Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB)                
5.25%, 05/15/27 (c)     500       556,985  
5.25%, 05/15/27 (c)     1,000       1,104,841  
Lees Summit Industrial Development Authority, John Knox Village, Series A (RB)                
5.00%, 08/15/24 (c)     1,550       1,678,143  
5.00%, 08/15/25 (c)     2,000       2,207,112  

Rolla Industrial Development Authority, Westside Marketplace Redevelopment Project, Series A (TA)

5.38%, 05/01/25 (c)

    860       881,304  

St. Joseph Industrial Development Authority, Living Community, Series A (RB)

5.00%, 01/01/26 (c)

    1,000       1,035,624  

St. Louis County, Industrial Development Authority, Friendship Village St. Louis Obligated Group, Series A (RB)

5.00%, 09/01/25 (c)

    500       559,995  

St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB)

5.00%, 12/01/25 (c)

    150       163,910  
              36,815,907  
Montana: 0.0%                

Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB)

4.12%, 07/01/28 (c)

    500       552,517  
Nebraska: 0.2%                

Central Plains Energy Project, Gas Project Crossover, Series A (RB)

5.00%, 09/01/42

    4,045       5,805,638  
Nevada: 0.5%                
City of Las Vegas, Special Improvement District No. 814 (SA)                
4.00%, 06/01/29 (c)     560       598,256  
4.00%, 06/01/29 (c)     250       268,396  
City of Reno, Sales Tax, Transportation Rail Access Corridor Project (RB) (AGM)                
0.01%, 07/01/38 (c)     9,000       1,534,993  
    Par  
(000’s
)   Value  
Nevada (continued)                

City of Reno, Tax Increment Senior Lien, Series C (TA)

5.40%, 11/29/21 (c)

  $ 1,380     $ 1,290,819  

City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina (RB)

2.75%, 06/15/28

    2,750       2,828,994  

Clark County, Special Improvement District No. 159 (SA)

5.00%, 08/01/25 (c)

    170       184,203  

Henderson Local Improvement District No. T-18 (SA)

4.00%, 09/01/26 (c)

    625       659,154  

North Las Vegas, Special Improvement District No. 64 (SA)

4.62%, 12/01/28 (c)

    240       264,029  

North Las Vegas, Special Improvement District No. 64 (SA) (SAW)

4.62%, 12/01/28 (c)

    490       542,709  

State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB)

6.25%, 12/15/27 (c)

    4,045       4,290,975  

State of Nevada, Department of Business and Industry, Fulcrum Sierra Holdings, LLC Project (RB)

6.95%, 08/15/28 (c)

    2,125       2,272,515  

State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB)

5.00%, 12/15/25 (c)

    500       542,502  
5.00%, 12/15/25 (c)     1,000       1,104,686  
5.00%, 12/15/25 (c)     400       439,891  
5.12%, 12/15/25 (c)     1,000       1,091,056  
              17,913,178  
New Hampshire: 0.6%                

National Finance Authority, Ascentria Care Alliance Project (RB)

5.00%, 07/01/28 (c)

    1,220       1,320,996  
National Finance Authority, Covanta Project, Series B (RB)                
3.75%, 07/02/40 (c) (p)     3,865       4,060,751  
4.62%, 07/01/23 (c)     4,000       4,154,183  

National Finance Authority, Resource Recovery, Series A (RB)

3.62%, 07/02/40 (c) (p)

    2,275       2,381,103  

National Finance Authority, Springpoints Living Project (RB)

4.00%, 01/01/26 (c)

    2,000       2,148,756  


 

See Notes to Financial Statements

31

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Par  
(000’s
)   Value  
New Hampshire (continued)                
4.00%, 01/01/26 (c)   $ 975     $ 1,057,215  
National Finance Authority, The Vista Project, Series A (RB)                
5.62%, 07/01/25 (c)     1,600       1,706,476  
5.75%, 07/01/25 (c)     2,750       2,936,757  
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB)                
6.12%, 07/01/24 (c) (d) *     1,000       530,000  
6.12%, 07/01/24 (c) (d) *     1,500       795,000  
6.25%, 07/01/24 (c) (d) *     500       265,000  
              21,356,237  
New Jersey: 8.1%                
Atlantic City (GO)                
5.00%, 11/01/22     115       117,439  
5.00%, 12/01/23 (c)     65       67,602  

Camden County, New Jersey Improvement Authority, Series A (RB)

5.00%, 02/15/24 (c)

    150       163,504  
Casino Reinvestment Development Authority (RB)                
5.25%, 11/01/24 (c)     1,410       1,528,088  
5.25%, 11/01/24 (c)     2,450       2,648,355  

Gloucester County, Pollution Control Financing Authority, Series A (RB)

5.00%, 12/01/24

    1,605       1,707,142  

New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB)

5.00%, 06/01/26 (c)

    470       520,762  
New Jersey Economic Development Authority, Cigarette Tax Revenue (RB)                
4.25%, 06/15/22 (c)     1,665       1,698,771  
5.00%, 06/15/22 (c)     1,150       1,179,907  
5.00%, 06/15/22 (c)     1,020       1,047,267  
5.00%, 06/15/22 (c)     520       533,144  
5.00%, 06/15/22 (c)     160       164,219  
5.00%, 06/15/22 (c)     535       548,426  
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)                
5.12%, 08/20/22 (c)     4,870       5,065,928  
5.25%, 08/20/22 (c)     7,075       7,349,718  
5.50%, 06/20/23 (c)